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S&P LOWERS RATING ON ASIA PULP & PAPER US$500 MLN NOTES.
JAKARTA, May 1 Asia Pulse - Standard & Poor's today lowered its rating on the US$500 million convertible notes due April 30, 2003, issued by APP Finance (VII) Mauritius Ltd. and guaranteed by Asia Pulp & Paper Co. Ltd. (APP), to 'D' from 'CC'.
The rating is removed from CreditWatch, where it was placed with negative implications on Jan 19, 2001.
S&P said the rating action follows the failure of APP to make scheduled April 30, 2001, interest payment of about US$8.8 million on the note issue.
The interest payment is not expected to ...
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Source: HighBeam Research, S&P LOWERS RATING ON ASIA PULP & PAPER US$500 MLN NOTES.