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Moody's affirms Lippo Karawaci
Moody's Investors Service said it affirmed the B1 corporate family rating on PT Lippo Karawaci Tbk. and the B1 senior unsecured rating on its guaranteed dollar-denominated notes.
The outlook is stable.
The affirmation follows the company's proposal to re-open its dollar-denominated notes to refinance its existing debt, including $66.2 million of notes maturing in March 2011.
The additional notes issuance will be subject to the same terms and conditions as the existing $270.6 million of notes due 2015, Moody's said.
The issuance will not affect the company's debt leverage as the proceeds will be used entirely for refinancing, the agency said.
It also will improve the company's liquidity and lengthen its debt maturity profile, the agency added.
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