The manager of Lippo Malls Indonesia Retail Trust (LMIRT) has announced that Moody’s Investors Service (Moody’s) has withdrawn LMIRT’s B3 corporate family rating following a prior request from the issuer.
Similarly, Moody’s has also withdrawn the Caa1 backed senior unsecured rating of the US dollar notes LMIRT Capital, a wholly-owned subsidiary of LMIRT.
Prior to the withdrawal, the REIT says that the outlook on all ratings were “stable”.
Meanwhile, Fitch Ratings Singapore has announced its plans to withdraw the ratings on LMIRT and LMIRT Capital on or about September 30, for commercial reasons.
Currently, Fitch’s international ratings on LMIRT’s long-term issuer default rating stands at ‘CCC+’ and ‘CCC-‘ on the senior unsecured US dollar notes issued by LMIRT Capital, with Recovery Rating of ‘RR6’.
The group adds that noteholders of the residual US$22.6 million ($29.2 million) senior unsecured US dollar notes issued by LMIRT Capital can expect to rely on future disclosures made by the manager on SGXNet.
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Units in LMIRT closed flat at 2.3 cents on Sept 17.
