26 January 2012
PEFINDO lowered the ratings of PT Berlian Laju Tanker Tbk's (BLTA or the Company) corporate rating, the Company's Bond III/2007 and Bond IV/2009 to "idCCC" from "idBBB-". PEFINDO also lowered the ratings of BLTA's Sukuk Ijarah I/2007 and Sukuk Ijarah II/2009 to "idCCC(sy)" from "idBBB-(sy)". The downgrade was triggered by the potential default of the Company's debts as a result of BLTA's upcoming debt standstill announcement. The debt instrument ratings will be lowered to "idD" when the next respective dates for interest or principal payments are passed and the payments are not made. BLTA's corporate rating remains on "Creditwatch with Negative Implications". The corporate rating will be lowered to "idSD" when the Company defaults on any of debts but remains current on others. Meanwhile, "idD" rating will be assigned to the corporate rating if BLTA could not pay all of its debts on their respective due dates.
BLTA is a shipping company, which focuses on shipment of liquid products (chemicals, oil, gas, and edible oil) throughout Asia, including Middle East, Europe, South and North America. The Company owns 40 chemical tankers (total capacity of 601,003 DWT/Dead Weight Ton), 11 oil tankers (748,873 DWT), 15 gas tankers (146,224 DWT), 1 FPSO tanker (60,874 DWT) and 27 chartered vessels (691,914 DWT). As of September 30, 2011, BLTA's major shareholder was PT Tunggaladhi Baskara with 37.95% ownership while public held around 62% share.
© Press Release 2012
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