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Fitch may cut Berlian Laju Tanker
Fitch Ratings said it placed PT Berlian Laju Tanker Tbk's long-term foreign- and local-currency issuer default ratings of B on rating watch negative following news that the company's plans to acquire Camillo Eitzen & Co ASA, an Oslo-based financially distressed shipping company. Fitch also said it placed the CCC rating of the $400 million senior unsecured notes due 2014 issued by BLT Finance BV and guaranteed by BLT Finance on rating watch negative.
The watch reflects concerns that the proposed acquisition may further weaken BLT Finance's already weak financial profile, Fitch said.
Camillo Eitzen is already in the process of restructuring its debt of $1.4 billion in June following a decline in asset values and lower cash generation due to weak conditions in the shipping markets, the agency said.
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