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Prospect News home > News index > List of issuers L > Headlines for LMIRT Capital Pte. Ltd. > News item |
Fitch lowers Lippo Malls
Fitch said it lowered Lippo Malls Indonesia Retail Trust's long-term issuer default rating to B+ from BB. The agency also cut LMIRT's senior unsecured notes due 2024 and 2026, issued by subsidiary, LMIRT Capital Pte. Ltd., to B+ from BB- with an RR4 recovery rating.
“The downgrade follows the temporary closure of LMIRT's malls across Java, Bali and Medan amid the country's reinstated pandemic-related restrictions to combat the spread of Covid-19. This is likely to drag funds from operation (FFO) fixed-charge cover to below 1.3x, which is the minimum threshold for LMIRT's BB- rating. We do not expect the ratio will recover quickly given the ongoing pandemic-related restrictions,” Fitch said in a press release.
The outlook is negative.
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