Aa3 ratings for APP deal

Aa3 ratings for APP deal

SINGAPORE (AFP): Moody's Investors Service on Friday awarded
an Aa3 rating to the US$125 million secured floating rate notes
issued by Pioneer Export Funding Ltd.

The trade receivables transaction is sponsored by Singapore-
based Asia Pulp and Paper Co. Ltd. (APP).

"The notes are secured by the cashflow derived from the
investor certificates, which in turn are secured by a pool of
existing and future trade receivables generated by various APP-
related entities," Moody's said in a statement received here.

APP is one of the world's 10 largest pulp and paper companies
with manufacturing facilities in Indonesia, China, Singapore and
India.

Pioneer Export funding is a newly established Cayman Island
special-purpose limited liability company.