Fitch Ratings Downgrades Lippo Malls Indonesia Retail Trust

July 15, 2021 – Lippo Malls Indonesia Retail (LMIR) Trust announced that Fitch Ratings has downgraded its Trust’s Long-Term Issuer Default Rating (IDR) to ‘B+‘, from ‘BB-’.

The Outlook is Negative.

Its senior unsecured notes due 2024 and 2026, issued by LMIR Trust’s subsidiary, LMIRT Capital Pte Ltd, have also been downgraded to ‘B+‘, from ‘BB-’ with a recovery rating of ‘RR4’.

The downgrade follows temporary closure of LMIR Trust’s malls across Java, Bali and Medan to combat the spread of Covid-19.

Read statement here..

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