Moody’s rates Lippo Karawaci notes Ba3

Moody's Investors Service said it affirmed the Ba3 corporate family rating of PT Lippo Karawaci Tbk. and the Ba3 senior unsecured rating of bonds issued by Theta Capital Pte. Ltd., a wholly owned subsidiary of Lippo Karawaci.

The agency also assigned a provisional Ba3 rating to the proposed dollar-denominated senior unsecured notes due 2023, to be issued by Theta Capital and guaranteed by Lippo Karawaci and some of its subsidiaries.

The outlook is stable.

On Jan. 18, Lippo Karawaci announced (a) a proposed senior unsecured notes issuance, intending to raise up to $100 million, largely to fund the development of new hospitals; and (b) an exchange offer for its existing senior unsecured notes due 2019, which will extend their maturity to 2023.

"Lippo Karawaci will further extend its debt maturity profile, bolster its liquidity position and strengthen its ability to pursue its aggressive expansion in the healthcare segment, if the proposed bond issuance and exchange offer are successful," Moody's assistant vice president and analyst Jacintha Poh said in a news release.

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