Fitch lowers Lippo Malls

Fitch Ratings said it downgraded Lippo Malls Indonesia Retail Trust’s long-term issuer default rating to BB- from BB. The agency also lowered the $250 million of senior unsecured notes due 2024, issued by subsidiary LMIRT Capital Pte. Ltd. to BB- from BB.

“The downgrade reflects our expectation that LMIRT’s financial metrics will remain weak for a prolonged period, as the recovery in Indonesia’s retail sector is taking longer than we had estimated. LMIRT’s 3Q20 results show continued weak retail operations, even after the government eased strict nationwide coronavirus pandemic-related movement restrictions imposed in 2Q20,” Fitch said in a press release.

The outlook is negative.

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