Moody's assigned a Ba3 corporate family rating to Lippo Malls Indonesia Retail Trust.

The rating agency's outlook for the Singapore-listed real estate investment trust is stable.

Moody's said the rating it assigned to Lippo Malls reflects the company's established presence in Indonesia. It added that the rating also incorporated its expectation that the trust's refinancing risk over the next 12 to 18 months will be mitigated by the company's planned issuance of U.S. dollar-denominated bonds.

Meanwhile, Moody's stable outlook for the retail-focused trust reflects the rating agency's expectations that steady occupancy rates in the company's portfolio of retail malls and retail spaces spread across 10 Indonesian cities will help in generating a predictable income stream.

In April 2018, Moody's withdrew its Ba1 corporate family rating and negative outlook for the REIT, citing business reasons.