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Fitch: Lippo Karawaci notes BB-
Fitch Ratings said it assigned PT Lippo Karawaci Tbk.'s proposed notes due 2019 and 2020 expected BB- ratings.
The bonds are to be issued by Theta Capital Pte. Ltd. and guaranteed by Lippo Karawaci.
Theta Capital will issue bonds as a tap to the existing $150 million 7% notes due 2019, while the 2020 new notes will be exchanged for the existing $395.6 million notes due 2015. Both existing issues are rated BB-.
Fitch said the expected ratings are in line with Lippo Karawaci's long-term foreign currency issuer default ratings and its senior unsecured rating of BB-.
The agency said it does not expect the incremental debt to impair Lippo Karawaci's current financial profile.
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