Fitch rates Lippo Karawaci notes BB-

Fitch Ratings said it assigned an expected rating of BB- to PT Lippo Karawaci Tbk.'s proposed seven-year senior unsecured notes.

The bonds are to be issued by Theta Capital Pte. Ltd. and guaranteed by Lippo Karawaci.

The final rating is contingent upon receipt of the final documents conforming to information already received.

The rating is in line with the company's long-term foreign- and local-currency issuer default ratings and senior unsecured rating of BB-.

The proceeds will be used from the proposed issue to fund the development of new retail malls, hospitals, and residential developments, Fitch said.

These debt-funded expansions will not impair the company's current financial profile, which is supported by Indonesia's favorable long-term demand for residential properties and health care services, a continued strong recurring income base and its demonstrated track record in managing the these businesses, the agency said.

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