Moody’s Investors Service has downgraded its rating for Lippo Malls Indonesia Retail Trust (LMIRT) to a non-investment grade corporate family rating of Ba1 from an investment-grade issuer rating of Baa3. Consequently, LMIRT’s Baa3 issuer rating has been withdrawn and the company has been assigned a Ba1 corporate family rating. The rating outlook is negative.
The rating action concludes Moody’s review of the company’s rating for downgrade, which was initiated on Dec. 21, 2017, and prompted by the deteriorating credit quality of key entities within the Lippo group that contribute around one-third of LMIRT’s total revenue.
