S&P rates Arpeni Pratama, notes B+

Standard & Poor's said it assigned its B+ corporate credit rating to PT Arpeni Pratama Ocean Line Tbk. (APOL).

The outlook is stable.

At the same time, S&P said it assigned its B+ rating to the proposed $160 million seven-year senior unsecured notes to be issued by the company.

The B+ rating on APOL reflects industry-related risks, including that the substantial surge in global dry-bulk shipping supply could put downward pressure on freight rates and utilization levels for dry-bulk carriers like APOL, as well as high customer and product concentration, the agency said.

S&P added that supporting factors include dominating position in domestic dry bulk market and an established track record with an ability to offer integrated services.

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