PT Energi Mega Persada, Indonesia’s
second-biggest listed oil company, had its B- rating placed on
credit watch negative because of the delay in its planned dollar
bond sale, Standard Poor’s said in a statement yesterday.

The company hired Nomura Holdings Inc. earlier this month
to help it with the sale and met investors in Europe, Asia and
the U.S., a person familiar with the matter said Nov. 2.

B- is SP’s sixth-highest speculative grade and the rating
was placed on credit watch “because the company’s proposed
issuance of $275 million senior secured notes is taking longer
than we had expected to close,” the risk assessor said.

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