Asia Pulp's rating affirmed

Asia Pulp's rating affirmed

JAKARTA (Dow Jones): Standard & Poor's ratings agency
Wednesday affirmed its "triple-C-plus" long-term foreign and
local currency rating for Asia Pulp & Paper Co. Ltd., its
guaranteed finance subsidiaries and its operating subsidiaries.

It also said it removed the ratings from CreditWatch with
negative implications.

S&P said the move reflected APP's "aggressive financial
profile." It also said while it had a heavy debt load, this was
mitigated by low operating costs, extensive operational
integration and a leading market position in Asia.

APP, which is listed in New York, is based in Singapore, but
its plants are mostly in Indonesia. It's one of the few companies
in Indonesia that can still afford to service its debt on
schedule.

The company is controlled by the Widjaja family, which
controls the Sinar Mas group.