Moody’s rates Soechi notes B1

Moody's Investors Service said it affirmed the B1 corporate family rating of PT Soechi Lines Tbk. and assigned a B1 senior unsecured rating to the proposed notes to be issued by Soechi Capital Pte. Ltd.

The proposed notes will be unconditionally and irrevocably guaranteed by Soechi and all its material subsidiaries.

The outlook is stable.

Proceeds will be used to repay $184 million of debt, fund the interest reserve account and other corporate purposes.

"The affirmation of the B1 corporate family rating reflects Moody's expectation that recent revenue and earnings growth trends will extend into 2018, as 2017 vessel additions achieve higher utilization levels in 2018," Brian Grieser, Moody's vice president and senior credit officer, said in a news release.

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