S&P: Lippo Karawaci notes BB-

Standard & Poor's said it affirmed the BB- long-term corporate credit rating on PT Lippo Karawaci Tbk.

The agency also said it affirmed the company's axBB+ long-term Asean regional scale rating, along with the BB- long-term issue rating on its outstanding guaranteed senior unsecured notes.

S&P said it assigned a BB- rating to a proposed issue of senior unsecured notes of up to $150 million by Theta Capital Pte Ltd., a special purpose vehicle that Lippo Karawaci owns.

Lippo Karawaci and some of its subsidiaries will guarantee these notes, S&P said.

The outlook is stable.

The ratings reflect the company's leading market position in the property development business in Indonesia over the next 12 months, said Kah Ling Chan, an S&P analyst.

"We expect that the company will not be materially affected by a recent implementation of stricter mortgage rules in Indonesia and subdued demand for property owing to the upcoming general elections," Chan said in a press release.

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