Lippo Malls Indonesia Retail Trust property, Palembang Icon. (Photo: Lippo Malls Indonesia Retail Trust)

Moody's Investors Service has downgraded the corporate family rating (CFR) of Lippo Malls Indonesia Retail Trust (LMIRT) to Caa1 from B3.

Moody's has also downgraded the backed senior unsecured rating on the bonds issued by a wholly-owned subsidiary of the REIT to the same grade.

The outlook on all ratings remains negative, said Moody’s.

LMIRT is an Indonesia-focused retail REIT that is listed on the Singapore Exchange (SGX).

Related: Lippo Malls REIT mulls assets divestment in bid to reduce debt

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By Ridzwan Rahmat

Ridzwan has been analysing REITs and business trusts since 2008, and personally manages a portfolio comprising mainly of SGX-listed REITs. He founded REITsWeek in 2013.