Fitch Ratings assigned a final long-term foreign-currency issuer default rating of BB to Lippo Malls Indonesia Retail Trust, with a stable outlook.
Fitch said the rating is not affected by Lippo Malls and PT Lippo Karawaci Tbk.'s decision to extend the long stop date for the former's acquisition of Lippo Mall Puri to June 30, 2020. The parties initially planned to close the deal in the second half of 2019.
Fitch said it rates Lippo Malls on a standalone basis, with the assumption that the trust is sufficiently ring-fenced from its sponsor, Lippo Karawaci.
Lippo Malls' shopping mall portfolio has a net lettable area of 910,749 square meters, and houses more than 3,697 tenants. Its estimated annual shopper traffic was 169.8 million as of Dec. 31, 2018.
As of Oct. 21, US$1 is equivalent to S$1.36.