Moody’s lowers Lippo Karawaci

Moody's Investors Service said it downgraded Lippo Karawaci Tbk.’s corporate family rating to Caa1 from B3 and the backed senior unsecured rating on the notes issued by wholly owned subsidiary Theta Capital Pte. Ltd. to Caa2 from Caa1. Lippo Karawaci and some of its subsidiaries guarantee the notes.

The agency also revised the outlook to negative from stable.

"The rating downgrades reflect our view that debt restructuring is likely to take place over the next 12 months as Lippo Karawaci has yet to obtain bank facilities to address its January 2025 bond maturity amid a tight funding environment," said Rachel Chua, a Moody's vice president and senior analyst, in a press release.

Lippo Karawaci has $237 million of bonds due in January 2025.

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