S&P assigns 'B-' to APP

JAKARTA (JP): International rating agency Standard & Poor's assigned a "B-" long-term rating yesterday to APP Finance (VII) Mauritius Ltd.'s US$500 million convertible notes due April 2003.

Standard & Poor's said in a statement that the rating was on credit watch with negative implications.

It said the notes were unconditionally guaranteed by parent Asia Pulp & Paper Co. Ltd. (APP), a Singapore-based company owned by the Indonesian Sinar Mas Group.

APP, rated "B-" with negative implications, is well- established in several large-scale sites in Indonesia with integrated operations in forestry management, pulp manufacturing, fine paper and industrial paper manufacturing and paper distribution. (rid)