Moody’s, Fitch withdraw LMIRT’s credit ratings

TWO ratings agencies have withdrawn Lippo Malls Indonesia Retail Trust’s (LMIRT) credit ratings.

Moody’s Investor Service withdrew LMIRT’s “B2” corporate family rating, following a review of the issuer’s request for it to withdraw its rating.

The rating agency has also withdrawn the “Caa1” backed senior unsecured rating on the US dollar notes issued by LMIRT’s wholly owned subsidiary, LMIRT Capital.

Prior to the withdrawal, the outlook on all of LMIRT’s ratings were stable, said the manager in a bourse filing on Tuesday (Sep 17) evening.

Separately, Fitch plans to withdraw the ratings on LMIRT and the unsecured notes issued by LMIRT Capital on or about Sep 30, citing commercial reasons.

Fitch’s international ratings on LMIRT’s long-term issuer default rating stands at “CCC+” and “CCC-” on the senior unsecured US dollar notes issued by the subsidiary, with a recovery rating of “RR6”.

The manager said that noteholders of the residual US$22.6 million senior unsecured US dollar notes issued by LMIRT Capital, due on Feb 9, 2026, can continue to rely on its disclosures or any information related to the real estate investment trust.

Units of LMIRT closed flat at S$0.023 on Tuesday before the announcement.