Moody's withdraws ratings on APP

Moody's withdraws ratings on APP

JAKARTA: Moody's Investors Service said on Friday it had withdrawn its credit ratings on the hugely indebted Asia Pulp and Paper group.

The statement noted that it had withdrawn the Ca debt rating and C preferred stock rating "because Moody's believes it lacks adequate information to maintain a rating."

APP, which is controlled by Indonesia's Widjaja family, defaulted in March 2001 on about US$13.9 billion worth of debt -- the largest default in the history of emerging markets.

It is in dispute with several foreign creditors about its plans to restructure the debt.

Moody said the ratings, which have now been withdrawn, reflected its view "that creditor interests will be impaired by the slow progress of the debt restructuring program." -- AFP