Fitch rates Lippo Karawaci notes BB-

Fitch Ratings said it assigned a final BB- rating to PT Lippo Karawaci Tbk.'s $150 million senior unsecured notes due in 2019.

The final rating is in line with the expected rating recently assigned.

The ratings reflect the company's improved liquidity position, which enables the company to execute its large capital expenditure program with a lower reliance on debt, Fitch said.

The ratings benefit from a high proportion of recurring income, which provides adequate interest and fixed-charge coverage and mitigates volatility in its property development business, the agency said.

The ratings also consider its well-distributed debt maturity profile and its track record of managing through property cycles, Fitch said.

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