SINGAPORE: LMIRT Management Ltd, the manager of Lippo Malls Indonesia Retail Trust (LMIR Trust), announced that the Trust has been assigned a corporate family rating of ‘Ba3’ with a ‘Stable’ rating outlook by Moody’s Investors Service and an expected long-term Issuer Default Rating (IDR) of ‘BB (EXP)’ with ‘Stable’ rating outlook by Fitch Ratings Singapore.[the_ad id=”32940″]“We are pleased with the ratings issued by both Moody’s and Fitch, which reflect their confidence in LMIR Trust’s established presence and strong portfolio of 30 income-producing retail assets in Indonesia. With these ratings, we hope to diversify our financing tools to better manage our capital structure and the overall efficiency of our funding resources,” said James Liew, Chief Executive Officer of the REIT Manager.
As at 31 March 2019, the Trust’s gearing stood at a stable 33.9% with 58.1% of debt on a fixed-rate basis to mitigate fluctuating interest rates. Additionally, 100% of LMIR Trust’s total debt is unsecured, allowing it greater financing flexibility.