Fitch affirms Lippo Karawaci

Fitch Ratings said it affirmed PT Lippo Karawaci Tbk's long-term foreign-currency and local-currency issuer default ratings at B+, national long-term rating at BBB+(idn) and B+ rating with recovery rating of RR4 on the $250 million senior unsecured notes due 2011 issued by Lippo Karawaci Finance BV.

The outlook is stable.

The ratings are affirmed despite the property market facing inflationary pressures and higher interest rates, which may lead to a slowdown in demand for the company's property developments, Fitch said.

The agency said, though, that takes comfort from the satisfactory take-up rate of its mixed-use development project, Kemang Village, located in a high-end residential area in South Jakarta.

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