Fitch cuts Lippo Karawaci view to negative

Fitch Ratings said it revised the outlook on PT Lippo Karawaci Tbk to stable from negative and affirmed its long-term foreign-currency and local-currency issuer default ratings at B+ and national long-term rating at BBB+(idn), along with its B+ rating and recovery rating of RR4 on the $250 million senior unsecured notes due 2011 issued by Lippo Karawaci Finance BV and guaranteed by Lippo Karawaci.

The outlook revision reflects the company's ability in maintaining its financial performance and good liquidity profile despite the weakening Jakarta property market since the fourth quarter of 2008, Fitch said.

Its improving pre-sales initiative was supported by the company's diversified property portfolio, which offers it flexibility in launching projects that suit the changed market demand, the agency said.

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