Fitch gives Lippo Karawaci notes BB-

Fitch Ratings said it has assigned PT Lippo Karawaci Tbk's (BB-/ stable) $150 million of 7% notes due 2022 a final BB- rating.

The new notes are issued by Theta Capital Pte. Ltd. and guaranteed by Lippo and certain of its subsidiaries.

Fitch said that 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.

The agency noted that Lippo's high-quality and expanding investment property portfolio, which comprises 16 hospitals and more than 30 retails malls under management, generates strong and stable recurring cash flow, which support its ratings.

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