Moody’s: Lippo Karawaci view negative

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

The outlook was changed to negative from stable.

"The negative outlook reflects greater uncertainty in Lippo Karawaci's ability to close two planned asset sales totaling Rp 1.7 trillion and achieve around Rp 3.5 trillion of marketing sales before year-end 2016," Moody's vice president and senior analyst Jacintha Poh said in a news release.

"Such a situation will result in the company's financial metrics remaining outside the parameters necessary to maintain its Ba3 corporate family rating."

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