Lippo Malls Puri is currently owned by a subsidiary of Lippo Malls Indonesia Retail Trust's sponsor. (Photo: Lippo Malls Indonesia Retail Trust)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 Restricted Default (RD) from 'C', following the completion of an exchange offer.

The agency considers this transaction to be a distressed debt exchange (DDE), as it results in a material reduction in terms and was conducted to avoid a default.

Subsequently, Fitch has also upgraded the long-term IDR to 'CCC' to reflect the issuer's post-DDE prospects.

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By Shariffa Al-Habshee

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