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.