Standard & Poor's Ratings Services said today that its rating and outlook on Jakarta-based PT Media Nusantara Citra (MNC, B+/Stable/--) are not immediately affected by the ongoing claim on the ownership of PT Cipta Televisi Pendidikan Indonesia (TPI).
The 'B+' rating assigned to MNC's US$143 million outstanding guaranteed secured notes due Sept. 12, 2011, issued by MNC's wholly owned special purpose subsidiary, Media Nusantara Citra B.V., is also not immediately affected by this claim.
These notes are unconditionally and irrevocably guaranteed by MNC and some of its subsidiaries, with PT Cipta Televisi Pendidikan Indonesia (TPI) being considered as a restricted subsidiary.
With the information available, Standard & Poor's does not see an immediate risk of a change in TPI's ownership structure. While a resolution might take place in a short time, there is a risk that the legal tussle could become drawn out. Standard & Poor's will follow closely these developments.
With the information available, Standard & Poor's does not see an immediate risk of a change in TPI's ownership structure. While a resolution might take place in a short time, there is a risk that the legal tussle could become drawn out. Standard & Poor's will follow closely these developments.
No comments:
Post a Comment