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Research Update: PT Berlian Laju Tanker Tbk. Ratings Lowered To 'CC' And Placed On Watch Negative On Substantial Likelihood Of Default Jan 12 Product Image

Research Update: PT Berlian Laju Tanker Tbk. Ratings Lowered To 'CC' And Placed On Watch Negative On Substantial Likelihood Of Default Jan 12

  • ID: 2047354
  • January 2012
  • Standard & Poors

Abstract
Indonesia-based shipping company BLT said that it would temporarily cease all its debt repayments and ship lease payments. This step substantially increases the company's risk of default within the next two weeks, in our opinion. We are lowering our long-term corporate credit rating on BLT to 'CC' from 'B-'. We are also lowering the issue rating on the company's guaranteed notes to 'C' from 'CCC'. We are placing the ratings on CreditWatch with negative implications to reflect our view of a significant likelihood of default. On Jan. 30, 2012, Standard & Poor's Ratings Services lowered its long-term corporate credit rating on Indonesia-based shipping company PT Berlian Laju Tanker Tbk. (BLT) to 'CC' from 'B-'. We also lowered our rating on...

Companies mentioned in this report are: PT Berlian Laju Tanker Tbk.,BLT Finance B.V.
Action: Downgraded
Action: On CreditWatch:Negative

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

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PT Berlian Laju Tanker Tbk.,BLT Finance B.V.

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