Try Polyta gets BB rating

JAKARTA (JP): Standard & Poor's assigned a BB minus long-term rating yesterday to the US$175 million guaranteed secured notes, expiring in 2003, to be issued by Try Polyta Finance B.V., a wholly-owned subsidiary of the guarantor PT Tri Polyta Indonesia.

It also gave a BB minus corporate-credit rating to PT Try Polita Indonesia.

"The rating on Try Polyta Indonesia reflects its position as the largest domestic producer of polypropylene resins in Indonesia and its efficient production facility situated in the high-growth domestic and Southeast Asian markets," Standard & Poor's said.

Tri Polyta Indonesia, owned by Prajogo Pangestu, Bambang Trihatmodjo and others, is listed on the National Association of Security Dealers Automated Quotations' (NASDAQ), New York Stock Exchange and Jakarta Stock Exchange.

With an annual production capacity of 360,000 metric tons, the company controls 50 percent of Indonesian polypropylene market, Standard and Poor's said. (jsk)