S&P: No change for Asia Aluminum

Standard & Poor's said its BB- long-term corporate credit rating and negative outlook on Asia Aluminum Holdings Ltd. is not immediately affected by a delay in the release of the company's interim results.

Under its existing bond covenants, S&P said, the results should be delivered to bond holders within 45 days of the end of the second fiscal quarter. The company has asked for an extension until the week of March 19. The company's management and its auditing firm, Ernst & Young, attribute the delay primarily to the relocation of the majority of its operations and because staffing levels are inadequate to meet the increase in reporting frequency and shortened timeframe that followed its delisting in May 2006. The company says it is committed to meeting its extended deadline and increasing resources to meet the needs of its expanded operations.

The company also confirmed that its capacity expansion and production forecasts for 2007 are on track. However, the agency said it would be concerned if its results are further delayed.

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