Moody’s could cut Lippo Karawaci

Moody's Investors Service said it placed the B1 corporate family rating of Lippo Karawaci Tbk. on review for downgrade.

At the same time, the agency placed the B1 backed senior unsecured rating of the bonds issued by Theta Capital Pte. Ltd., a wholly owned subsidiary of Lippo Karawaci, on review for downgrade. The bonds are guaranteed by Lippo Karawaci and some of its subsidiaries.

"The review for downgrade reflects our concern over Lippo Karawaci's weakening corporate governance, as the company has again delayed financial reporting and has not fulfilled certain reporting obligations under the indentures of its U.S. dollar notes," Moody's vice president and senior analyst Jacintha Poh said in a news release.

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