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Moody's upgrades PT Lippo Karawaci outlook
Moody's Investors Service said it changed the outlook for PT Lippo Karawaci Tbk's B1 corporate family rating to positive from stable.
At the same time, Moody's said it affirmed the company's B1 corporate family rating and senior unsecured debt rating.
"The change in outlook reflects LK's improved credit profile, against the backdrop of robust growth in the Indonesian property sector over the past year," said Alvin Tan, a Moody's analyst, in a news release.
"For FY2011, the company's adjusted EBIT/Interest coverage improved to 2.4x from below 1.4x in FY2010. It also maintained a strong adjusted debt/capitalization ratio of 36.6% and debt/EBITDA of 3.2x, which positions LK strongly within the B1 rating category," said Tan.
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