Moody's confirms Agri

Moody's Investors Service said it confirmed the Caa1 corporate family rating on Agri International Resources Pte Ltd., as well as the rating on the senior secured bond issued by AI Finance BV, which is wholly owned and guaranteed by Agri International Resources.

The outlook is negative.

The confirmation concludes a review for possible downgrade that began in September 27, 2010, the agency said.

The action also follows the downgrade of Agri's holding company, Bakrie Sumatera Plantations Tbk, Moody's said, and reflects the close operating and financial dependencies between the two companies.

Agri's standalone liquidity remains weak, indicating a limited ability to meet interest payments and the final bond maturity in July 2012, the agency said.

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