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: On CreditWatch:Negative
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