RI power on credit watch

RI power on credit watch

NEW YORK (Dow Jones): Standard & Poor's triple-C ratings on the following Indonesian independent power producer (IPP) project bonds and bank loans remain on creditwatch with negative implications, where they were placed December 1997:

-- Paiton Energy Funding B.V.'s US$180 million senior secured bonds due 2014 (guaranteed by P.T. Paiton Energy Co.),

-- CE Indonesia Funding Corp.'s US$400 million bank loan facility (funding to Dieng and Patuha geothermal projects),

-- DSPL Finance Co. B.V.'s US$150 million 9.12% senior secured notes due 2010 (guaranteed by Dayabumi Salak Pratama Ltd.), and

-- MNL Indonesia Funding Corp.'s US$250 million bank loan facility (for Wayang Windu Geothermal Project).

The ratings reflect the increasingly severe uncertainties facing both Indonesia and the specific debt-issuing projects, the rating agency stated.