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Fitch cuts Berlian Laju Tanker notes to CCC
Fitch Ratings said it downgraded PT Berlian Laju Tanker Tbk's long-term foreign- and local-currency issuer default ratings to B from B+, along with the senior unsecured rating on the $400 million notes due 2014 issued by BLT Finance BV and guaranteed by Berlian Laju Tanker to CCC from B following the lowering of the recovery rating on the notes to RR6 from RR5.
The outlook has been revised to negative from stable.
The downgrades follow an expectation of the company's leverage increasing over the short-to-medium-term following the rapid deterioration in the global shipping markets, Fitch said.
The outlook for the chemical tanker segment is much weaker than initially expected due to weaker demand, the agency said.
Although it will continue to benefit from having a young fleet, risk to its earnings are high given the company's reliance on the spot market and on short-term charters.
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