Fitch lowers Lippo Malls

Fitch Ratings said it downgraded Lippo Malls Indonesia Retail Trust's long-term issuer default rating to CCC- from CCC.

Fitch also downgraded the rating on the company’s senior unsecured notes due 2024 and 2026 to CCC- from CCC, with a recovery rating of RR4.

Lippo Malls’ wholly owned subsidiary, LMIRT Capital Pte. Ltd., issued the notes, which are guaranteed by Perpetual (Asia) Ltd. in its capacity as trustee of LMIRT.

“The downgrade reflects material delays in the refinancing of LMIRT's term loans due in November 2023 and January 2024,” the agency said in a news release.

“This has increased the risk that arms-length financing may not be available to repay debt, in Fitch's view.”

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