Indonesia-focused retail REIT Lippo Malls Indonesia Retail Trust’s (LMIRT) proposed USD senior unsecured notes issue has received a grade of 'BB(EXP)' from Fitch Ratings.
The company has also assigned the REIT a long-term foreign-currency issuer default rating (IDR) of 'BB(EXP)'with a stable outlook.
The ratings assumes that LMIRT will use around SGD170 million of debt to fund the acquisition of Lippo Mall Puri, which is due to be completed in 2H19.
Such an arrangement will maintain a loan-to-value (LTV) ratio of around 35% for the REIT.
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