S&P affirms Dayabumi rating

S&P affirms Dayabumi rating

JAKARTA (JP): Standard & Poor's affirmed Friday its double-'C' rating on the US$150 million senior secured bonds due 2010 issued by DSPL Finance Co. B.V. and guaranteed by Indonesia's Dayabumi Salak Pratama Ltd.

The outlook on the rating has been revised to positive from negative.

Dayabumi has indicated that it will have sufficient cash to pay the March 2001 principal and interest due on DSPL's notes. Furthermore, Dayabumi is current on all its debt payments at present.

Dayabumi, the operator of a 165MW geothermal power project located on the island of Java, is a 50/50 joint venture between Unocal Corp. and PT Nusamba.

Unocal Geothermal, a 100 percent-owned subsidiary of Unocal, supplies geothermal resources to Dayabumi on behalf of the state- owned oil and gas company Pertamina.

Under the energy sales contract, which is a power offtake agreement between Dayabumi, Pertamina, and the state-owned electricity utility PT PLN, Dayabumi invoices Pertamina for electricity delivered to PLN's grid, while Pertamina in turn invoices PLN for the actual payments.