Release: Fitch upgrades Arpeni to 'CC'/'CC(idn)'; withdraws ratings

(Singapore/Jakarta-01 June 2012) -- Fitch Ratings has upgraded PT Arpeni Pratama Ocean Line Tbk's (Arpeni) Long-Term Foreign and Local Currency Issuer Default Ratings to 'CC' from 'RD' (Restricted Default), its USD senior unsecured notes rating to 'CC' from 'C' and its National Long-Term Rating to 'CC(idn)' from 'RD(idn)'. The Recovery Rating on the USD notes is 'RR6'.

Simultaneously Fitch has withdrawn all of the above ratings as they are no longer considered by the agency to be relevant to its coverage.

The upgrade follows Arpeni's successful debt restructuring in Q112. However, Arpeni's credit profile remains weak and its tight liquidity position, in particular, is a risk. (end of release)