Fitch rates Lippo Karawaci notes BB-

Fitch Ratings said it affirmed PT Lippo Karawaci Tbk.'s long-term foreign- and local-currency issuer default ratings at BB-.

The agency also affirmed the BB- rating on its $250 million senior unsecured notes due in 2019 and $403 million senior unsecured notes due in 2020, along with its national long-term rating at A+(idn).

Fitch also said it assigned an expected BB- rating to Lippo Karawaci's proposed new dollar-denominated notes due in 2022.

The outlook is stable.

The new notes will be issued by Theta Capital and guaranteed by Lippo Karawaci and some of its subsidiaries.

The notes are rated at the same level as Lippo's senior unsecured debt rating as they represent direct, unconditional, unsecured and unsubordinated obligations of the company, Fitch said.

The company's high quality and expanding investment property portfolio generate strong and stable recurring cash flow, the agency said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.