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Moody's withdraws Lippo Malls rating

Upon the request of Lippo Malls Indonesia Retail Trust's manager, LMIRT Management Ltd., Moody's withdrew its Baa3 issuer rating on the Singapore-based real estate investment trust, according to a release.

The rating agency placed the rating on review for downgrade in December 2017, citing the deteriorating credit quality of key entities within the Lippo group.

The manager said the withdrawal was made as the REIT is no longer required to maintain a credit rating in order to benefit from a higher aggregate leverage limit.