JAKARTA (Indonesia Today) – Bakrie Sumatra Plantations (UNSP) ended lower by 3.16% Thursday despite S&P’s decision to raise long-term corporate ratings of the company.
More than 52 million shares were exchanged hands, while the stock closed lower by 3.16% to Rp184. The stock has dropped 60% from its peak in 52 weeks.
S&P said on Wednesday that it raised corporate credit ratings of UNSP and its subsidiary Agri International Resources to CCC- from CC.
S&P raised the ratings after Agri International refinanced its US$150 million senior secured notes on their maturity on July 15, 2012.
Other plantation shares also ended lower, including Astra Agro Lestari which dropped 1.26% and PP London Sumatra (-0.85%). In Singapore, Global Palm also lost 2.44%, while Indofood Agri down 0.34%. In Kuala Lumpur, KL Kepong slipped 0.17%, while IOI gained 1.7%.