Fitch rates Lippo Karawaci notes BB-

Fitch Ratings said it assigned a final BB- rating to PT Lippo Karawaci Tbk.'s $130 million 6 1/8% notes due 2020.

The notes, issued by Theta Capital Pte. Ltd., are guaranteed by Lippo Karawaci.

The final rating is in line with the expected rating assigned Jan. 7, Fitch said. The $130 million bonds are issued as a tap to the existing $273.306 million 6 1/8% notes due 2020.

The company plans to use the issue proceeds to refinance its 9% notes due in 2015. This tap issue will not result in an increase in Lippo Karawaci's net debt and will not impair its current financial profile, the agency said.

The ratings are supported by Indonesia's favorable long-term demand for residential properties and health care services, continued strong recurring income base and the company's demonstrated track record in managing these businesses, Fitch said.

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