S&P: Lippo Karawaci notes BB-

Standard & Poor's said it affirmed its BB- long-term corporate credit rating on PT Lippo Karawaci Tbk. The outlook is stable.

The agency said it also affirmed its long-term axBB+ ASEAN regional scale rating on the company. At the same time, the agency said it affirmed the BB- issue rating on all of the company's outstanding senior unsecured notes.

S&P said it also assigned its BB- issue rating and axBB+ ASEAN regional scale rating to a proposed issue of $395.6 million senior notes due 2020 and $100 million senior notes due 2019 by Theta Capital Pte Ltd., a special purpose vehicle that Lippo Karawaci owns.

"We affirmed the rating because we believe Lippo Karawaci's improving operating performance is sustainable over the next 12 months," said S&P credit analyst Wee Khim Loy in a news release.

"The continued strong sales of the company's property development projects and an increasing contribution from its healthcare business will support its operating performance."

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