Fitch lifts Berlian Laju Tanker view to stable

Fitch Ratings said it revised PT Berlian Laju Tanker Tbk's outlook to stable from negative. Its long-term foreign- and local-currency issuer default ratings were affirmed at B-.

The agency also said it upgraded BLT Finance BV's $400 million senior unsecured notes due 2014 to CCC from CC and revised the recovery rating to RR5 from RR6. The notes are guaranteed by Berlian Laju Tanker, Fitch said.

The outlook revision reflects the significant improvement to the company's liquidity profile due to its successful debt refinancing, which reduces its debt servicing requirement and a material reduction of its capital expenditure for 2011 and 2012, the agency said.

The refinancing package reduces its debt amortizing burden by $166 million for 2011 to 2013. This is a significant reduction given the company's weak liquidity profile prior to the refinancing, Fitch said.

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