PT Ciliandra Perkasa-palm oil plantation company-proposed issuance of a USD100m convertible bond (CB) by its parent company, Singapore-listed First Resources Limited (FRL).
Fitch Ratings has today affirmed Ciliandra long-term foreign and local currency Issuer Default Ratings (IDRs) of BB- and its national long-term rating of A+(idn).
The Outlook on the ratings remains Stable. Fitch has also affirmed the 'BB-' senior unsecured rating of Ciliandra Perkasa Finance Company Pte Ltd's USD140.2m notes due in 2011, which is guaranteed by Ciliandra and its subsidiaries.
Fitch has affirmed Ciliandra's ratings as it believes that the issuance of the CB will not materially change FRL's and Ciliandra's credit profiles, which are linked due to FRL's 95.5% ownership and control of Ciliandra.
Tuesday, August 25, 2009
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