S&P: Ciliandra on watch

Standard & Poor's said it placed its B long-term corporate credit rating PT Ciliandra Perkasa, on CreditWatch with negative implications.

At the same time, S&P said it placed its B foreign currency rating on the $160 million senior secured notes issued by Ciliandra's wholly owned subsidiary, Ciliandra Perkasa Finance Co. Pte. Ltd., on CreditWatch with negative implications.

The agency said that this action follows the recent announcement by the Corruption Eradication Commission of Indonesia that it intends to auction several properties in relation to a court case involving Martias, one of the company's founders and former shareholder.

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