Lippo Malls Indonesia Retail Trust's property, Lippo Malls Kemang. (Photo: Lippo Malls Indonesia Retail Trust)

Moody’s Investor Services has affirmed the B3 corporate family rating of Lippo Karawaci, and changed the outlook on this rating to stable from negative.

Lippo Karawaci is the sponsor of two Singapore-listed REITs, Lippo Malls Indonesia Retail Trust, and First REIT.

Moody’s has applied the same affirmation on senior unsecured rating of the bonds issued by Theta Capital Pte Ltd, a wholly-owned subsidiary of Lippo Karawaci, and similarly changed its rating to stable from negative.

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By Shariffa Al-Habshee

Shariffa joined REITsWeek in 2017, and monitors Asia-Pacific REITs for the publication.