Fitch rates Indorent bonds CC(idn)

Fitch Ratings said it assigned a national long-term rating of CC(idn) to PT CSM Corporatama (Indorent) and placed the rating on Rating Watch negative. The agency also said it assigned a CC(idn) rating to both of Indorent's existing rupiah bonds - series B bond I due in November 2009 and Islamic bond I due in November 2009.

The ratings reflect concerns about Indorent's lack of back-up liquidity in servicing its debt amortization, Fitch said.

Ongoing economic recession and the difficulty in obtaining bank funding will continue to compound these problems, the agency said.

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