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Moody's ups Lippo Karawaci debt
Moody's Investors Service said it upgraded the corporate family rating and senior unsecured debt ratings of PT Lippo Karawaci Tbk. to Ba3 from B1.
The senior unsecured bonds are issued by Sigma Capital Pte Ltd. and Theta Capital Pte Ltd., both wholly owned subsidiaries of Lippo. The bonds are guaranteed by Lippo and some of its subsidiaries.
The outlook is stable.
"The upgrade of Lippo's ratings reflects the company's track record over recent years of strong marketing sales from its residential and urban development segments, underpinned by the strength and resilience of Indonesia's property market," Moody's analyst Jacintha Poh said in a news release.
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