pefindo credit rating indonesia

PEFINDO CREDIT RATING INDONESIA
PRESS RELEASE
January 14, 2010
PT Arpeni Pratama Ocean Line Tbk
PEFINDO downgraded the corporate rating of PT Arpeni Pratama Ocean Line Tbk (APOL or the Company) to “idSD” from “idBB”
following the suspension of the principal installment to several creditors. Currently, the Company is negotiating with lenders of
its secured loans to acquire approval for a payment standstill including deferral of principal installment until March 31, 2010.
In its September 2009 audited financial statements, as of January 4, 2010, APOL is in breach of its loan covenants and has not
acquired formal waiver from its creditors. Hence creditors have the right to declare default and ask for repayment acceleration
of the outstanding loans. However, the Company has not received any notification from its creditors.
PEFINDO also downgraded the ratings of the Company’s bond II/A/2008 of IDR276 billion due in 2013, bond II/B/2008 of
IDR324 billion due in 2015 (collectively referred to as “the Bonds”) to “idCCC” from ”idBB” and its Syariah Ijarah Medium Term
Notes II/2008 of IDR150 billion due in 2011 (“the Syariah MTN”) to “idCCC(sy)“ from “idBB(sy)”. The downgrade is triggered by
the Company’s deteriorating financial performance and continued liquidity pressure that can affect its capability to fulfill its
financial obligation on the said instruments. The ratings are still put on Credit Watch with Negative Implication to reflect
ongoing concern over the Company’s capability to pay the next coupon of the Bonds and the Syariah MTN on March 18, 2010
and March 30, 2010.
APOL provides a wide range of shipping services for transporting coal, oil, LPG, pulp, timber and general products, and is also
engaged as an agency and ship management. APOL is a public company with the latest shareholding composition as follows: PT
Mandira Sanni Pratama (30.67% of total shares), PT Ayrus Prima (21.04%), Morgan Stanley & Co (9.81%), Melon S/A Cundhill
Recovery FD (8.30%), DEG (8.67%) and public (21.51%).
Rating Period: January 11, 2010 – April 11, 2010
Contact Analyst: Ronald Hertanto & Vonny Widjaja
[email protected] & [email protected]
PEFINDO CREDIT RATING INDONESIA
SIARAN PERS
14 Januari 2010
PT Arpeni Pratama Ocean Line Tbk
PEFINDO menurunkan peringkat PT Arpeni Pratama Ocean Line Tbk (APOL atau Perusahaan) menjadi “idSD” dari “idBB”
sehubungan dengan penundaan pembayaran cicilan pokok ke beberapa kreditur. Saat ini, Perusahaan sedang bernegoisasi
dengan para kreditur yang pinjamannya disertai dengan jaminan untuk mendapatkan persetujuan posisi standstill termasuk
penundaan pembayaran pokok pinjaman yang jatuh tempo sampai dengan 31 Maret 2010.
Menurut laporan keuangan Perusahaan yang diaudit per September 2009, sampai dengan 4 Januari 2010, APOL telah melanggar
persyaratan pinjaman dan belum mendapatkan surat pernyataan pembebasan (waiver) dari para kreditur. Dengan kondisi yang
demikian, para kreditur mempunyai hak untuk menyatakan gagal bayar dan meminta percepatan pembayaran untuk hutanghutang yang ada. Tetapi, APOL belum menerima surat pemberitahuan apa pun dari para kreditur tersebut.
PEFINDO juga menurunkan peringkat obligasi Perusahaan II/A/2008 senilai IDR276 milyar jatuh tempo di 2013, obligasi
II/B/2008 senilai IDR324 milyar jatuh tempo di 2015 (secara kolektif disebut sebagai “Obligasi”) menjadi “idCCC” dari “idBB”,
dan peringkat Syariah Ijarah Medium Term Notes II/2008 senilai IDR150 milyar jatuh tempo di 2011 (MTN Syariah) menjadi
“idCCC(sy)” dari “idBB(sy)”. Penurunan peringkat dipicu oleh memburuknya kinerja finansial Perusahaan dan berlanjutnya tekanan
likuiditas sehingga dapat mempengaruhi kemampuan Perusahaan memenuhi kewajiban finansial untuk surat hutang di atas.
Peringkat-peringkat diatas masih ditempakan pada Credit Watch dengan Implikasi Negatif untuk menunjukkan
kekhawatiran atas kemampuan Perusahaan membayar kupon Obligasi dan MTN Syariah pada 18 Maret 2010 dan 30 Maret 2010.
APOL menyediakan jasa pengangkutan kapal untuk batubara, minyak, LPG, pulp dan kayu serta jasa agensi pelayaran dan
manajemen kapal. APOL adalah perusahaan publik dengan pemegang saham per November 2009 sebagai berikut; PT Mandira
Sanni Pratama (30,67% dari total saham), PT Ayrus Prima (21,04%), Morgan Stanley & Co (9,81%), Melon S/A Cundhill
Recovery FD (8,30%), DEG (8,67%) dan publik (21,51%).
Rating Period: January 11, 2010 – April 11, 2010
Contact Analyst: Ronald Hertanto & Vonny Widjaja
[email protected] & [email protected]
Phone : (62-21) 521 0077
Fax
: (62-21) 521 0078
PEFINDO Website: http://www.pefindo.com
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