The downgrade comes after LMIRT announced, on Dec 27, 2023, that the tender offer for its senior unsecured notes due in 2024 and 2026 would proceed.
Fitch Ratings Singapore has downgraded Lippo Malls Indonesia Retail Trust (SGX:D5IU
) (LMIRT)’s long-term issuer default ratings (IDR) to ‘C’ from ‘CCC-‘.
The trust’s senior unsecured notes due in 2024 and 2026 issued by LMIRT’s subsidiary, LMIRT Capital Pte. Ltd., has also been downgraded to ‘C’ from ‘CCC-‘ with a recovery rating remaining at ‘RR4’.
