NY -- Standard & Poor's CreditWire 3/11/96 -- Standard & Poor's assigns its triple-`B' rating to Paiton Energy Funding B.V.'s $180 million senior secured bonds due 2014 to be issued under a Rule 144A private placement. The bonds will be guaranteed by P.T. Paiton Energy Co., a limited liability Indonesian company established to develop, construct, own and operate a $2.5 billion 1,230 mw coal-fired power plant located in East Java, Indonesia. The rating reflects the following risks: -- Over three years of construction remains to be completed prior to the commercial operation of this project; -- The project's electricity tariff, while reflecting additional capital costs attributable to certain facilities to be conveyed to the state utility -- PT PLN (Persero),
