CMNP rating reaffirmed

JAKARTA (JP): The country's only rating agency, PT Pemeringkat Efek Indonesia (Pefindo), said Saturday that it had lifted the rating alert on PT Citra Marga Nusaphala Persada's (CMNP) Rp 275 billion bonds and Rp 100 billion commercial paper.

Pefindo announced in a statement that it had reaffirmed the AA- and A2 ratings for the toll road operator's bonds and commercial program with a stable outlook respectively.

Pefindo said CMNP currently had a total foreign debt of US$300 million, consisting of $175 million floating rates notes (FRNs) and Eurobond of $125 million.

The FRNs will mature in December 1998 and the Eurobond in 2000.

Pefindo said interest rates exacted on the borrowings had been swapped to the rupiah, at 10 percent and 9.6 percent rates, to ensure they would not affect the company's cash flow.

In addition, the principal of the FRNs, to be worth $115 million, had been hedged, which resulted in the remaining net open position of $60 million.

Pefindo said CMNP recorded total revenue of Rp 224 billion in the January-September period, compared to Rp 220 billion in the corresponding period last year. (aly)