In Fitch’s view, LMIRT’s proposed tender offer and concurrent consent solicitation constitute a distressed debt exchange (DDE).
Fitch Ratings Singapore has placed Lippo Malls Indonesia Retail Trust (SGX:D5IU
) 's (LMIRT) long-term issuer default ratings (IDR) of ‘CCC’ on rating watch negative (RWN).
The trust’s senior unsecured notes due 2026 issued by LMIRT’s subsidiary, LMIRT Capital Pte. Ltd., has also been placed on RWN. The notes have a ‘CCC’ rating with a recovery rating of ‘RR4’. According to Fitch’s ratings, securities rated ‘RR4’ have characteristics that are similar to securities historically recovering 31% - 50% of their current principal and related interest.
