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Moody’s shifts Lippo view to negative
Moody’s said it revised Lippo Malls Indonesia Retail Trust’s outlook to negative from under review.
The agency also confirmed Lippo’s B1 corporate family rating and the B1 rating on subsidiary’s LMIRT Capital Pte. Ltd.’s bond.
These actions conclude the review for downgrade started on Sept. 2, Moody’s said.
“The negative outlook reflects the uncertainty surrounding the extent of the impact on the earnings and performance of LMIRT’s properties from the coronavirus-related disruption. A delay in the operating environment recovery leading to weaker performance of LMIRT’s properties may result in a breach in financial covenants under the trust’s bank loans from the fourth quarter of 2021 onwards, which will weaken the trust’s liquidity profile,” Moody’s said in a press release.
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