Moody’s assigns LMIRT notes B1

Moody’s Investors Service said it gave a B1 senior unsecured rating to the proposed senior notes to be issued by LMIRT Capital Pte. Ltd., a wholly-owned subsidiary of B1-rated Lippo Malls Indonesia Retail Trust. The proposed notes are guaranteed by Perpetual (Asia) Ltd. in its capacity as trustee of LMIRT.

The rating is aligned with LMIRT’s B1 corporate family rating, as the bond is not exposed to legal or structural subordination risk, the agency said.

“The proposed U.S. dollar bond issuance will reduce refinancing risk and lengthen LMIRT’s debt maturity profile,” said Junling Tan, a Moody’s analyst, in a press release.

The proceeds will be used to refinance borrowings of LMIRT and its subsidiaries and for general corporate and working capital purposes.

The outlook is negative.

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