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Fitch affirms Berlian Laju Tanker
Fitch Ratings said it removed PT Berlian Laju Tanker Tbk's ratings from Rating Watch negative and affirmed its long-term foreign- and local-currency issuer default ratings at B, along with the CCC rating on its $400 million senior unsecured notes due 2014, which were issued by BLT Finance BV and guaranteed by Berlian Laju. The recovery rating is RR6.
The outlook is negative.
The removal of the watch follows news that the company has withdrawn from the voluntary offer to acquire Camillo Eitzen & Co. ASA, Fitch said. Despite the additional equity it planned to raise on the back of this transaction, Fitch said it believed the acquisition could further weaken its already weak financial profile.
The company may still raise equity via a rights issue, despite its withdrawal of the acquisition offer, the agency said. And it is possible that Berlian Laju may resume acquisition discussions with shareholders of Camillo Eitzen after the completion of the rights issue, Fitch said.
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