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Fitch lifts Lippo Karawaci
Fitch Ratings said it upgraded PT Lippo Karawaci Tbk.'s long-term foreign- and local-currency issuer default ratings to B- from CCC+ and the long-term rating on the outstanding senior unsecured bonds issued by Theta Capital Pte Ltd. to B- with recovery rating of RR4, from CCC+/RR4.
At the same time, Fitch upgraded Lippo's national long-term rating to BB+(idn) from BB-(idn).
The outlook is stable.
“The upgrade reflects Lippo's improved liquidity position and limited refinancing risk following the completion of its $787.5 million rights issue on July 16,” the agency said in a news release.
“We believe the company now has sufficient financing flexibility to meet operating expenses, interest costs and debt maturities at least through to end-2020 while it implements plans to revive property presales at the standalone company; that is, excluding key listed subsidiaries PT Lippo Cikarang Tbk. and PT Siloam International Hospitals Tbk.”
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