Lippo Malls Puri is currently owned by a subsidiary of Lippo Malls Indonesia Retail Trust's sponsor. (Photo: Lippo Malls Indonesia Retail Trust)

Fitch Ratings has downgraded Lippo Malls Indonesia Retail Trust's (LMIRT) long-term issuer default rating (IDR) to 'B-', from 'B' with a negative outlook.

The agency has also downgraded the rating on the REIT's senior unsecured notes due 2024 and 2026 to 'B-', from 'B'.

The downgrade and negative outlook reflect rising refinancing risk, said Fitch.

LMIRT is an Indonesia-focused retail REIT with a portfolio 29 assets across the country.

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By Shariffa Al-Habshee

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