Fitch rates Lippo Malls notes BB

Fitch Ratings said it assigned an expected long-term foreign-currency issuer default rating of BB to Lippo Malls Indonesia Retail Trust with a stable outlook.

Fitch also said it assigned an expected BB rating to the company's proposed dollar-denominated senior unsecured notes.

The rating assumes that Lippo Malls will use around S$170 million of debt to fund the acquisition of Lippo Mall Puri, which is due to be completed in the second half of 2019, Fitch said.

The proposed dollar-denominated notes will be issued by Lippo Mall’s wholly owned subsidiary – LMIRT Capital Pte. Ltd. and guaranteed by Perpetual (Asia) Ltd. in its capacity as the trustee of LMIRT, the agency said.

The proposed notes will constitute direct, unconditional, unsubordinated and unsecured obligations of Lippo, Fitch said.

The proceeds will be primarily used to refinance maturing debt and fund working capital, the agency said.

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