Moody's ups Lippo bonds to B1

Moody's Investors Service said it has upgraded the foreign currency senior unsecured bond rating of Lippo Karawaci Finance BV to B1 from B2. The company's bonds are guaranteed by PT Lippo Karawaci Tbk. (LK).

This rating action follows Moody's decision to upgrade Indonesia's foreign currency bond rating to B1 from B2. At the same time, Moody's has affirmed LK's B1 local currency corporate family rating. The outlook is stable.

Both the foreign currency senior unsecured bond rating and local currency corporate family rating are also removed from their provisional status in view of the successful closing of Lippo Karawaci Finance's $250 million bond issuance.

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