Sumber Segara bonds issuance US$350 juta called off

PT Sumber Segara Primadaya called off the issuance of US350 million bonds scheme.
The company has appointed UBS AG as the underwriter for the five year tenure bonds worth by US$350 million here. The bonds issuance is scheduled to be executed by Sumber Segara's subsidiary, Sumber Segara Primadaya Power B.V.
Fitch Ratings has dropped Sumber Segara long term foreign and local currencies ratings into B- as from B. The national rating also dropped into BB+ (idn) as from the former level of BBB (idn).
All ratings prospects here are revised to be negative and so at the same time Fitch annulled the ratings.
Fitch also dropped the rating expectation of the senior unsecured notes scheme into B- as from B with recovery rating of RR4 and revoked all the ratings following the cancellation of bonds issuance. It implies Fitch would no longer analyze Sumber Segara.
Sumber Segara's 51 percent of its shares is owned by PT Sumberenergi Sakti Prima and the other 49 percent by PT Pembangkitan Jawa Bali as the subsidiary of PLN.
Sumber Segara operated coal-based power plant with 2 x 200 MW capacity in Cilacap connecting the PLN-owned Java-Bali transmission networks.
The company has US$50 million debt with the due date of July 2008, March 2009, and September 2009.