Moody’s Investors Service has downgraded the corporate family rating of Lippo Karawaci (LPKR) to B3 from B2. Moody’s has also downgraded the backed senior unsecured rating of the bonds issued by Theta Capital Pte. Ltd., a wholly-owned subsidiary of Lippo Karawaci, to B3 from B2. The bonds are guaranteed by Lippo Karawaci and some of its subsidiaries. The rating outlook is negative.