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Bond Market News
Lippo Malls Upgraded to CCC by Fitch
June 10, 2024
Lippo Malls (LMIRT) has been upgraded to CCC from RD by Fitch, following the completion of the tender offer for its bonds. The rating agency also upgraded the rating on LMIRT’s senior unsecured notes due 2024 and 2026 to CCC, from C. Last month, the rating agency had downgraded LMIRT and its senior notes following the exchange offer announcement. The upgrade reflects improved liquidity of the company following the debt exchange. According to Fitch, LMIRT will be able to repay its debts due in the next 18 months, however, its cash balance is insufficient to repay the remaining February 2026s, highlighting high execution risk given its limited unencumbered asset pool. As of end-May 2024, LMIRT had pledged 67% of total investment property value, with the remaining unencumbered assets being small or of lower quality thus less attractive to lenders.
Lippo Mall’s 7.5% 2026s have been on uptrend since beginning of May rising from 77.25, to currently trade at 91.78 cents on the dollar, yielding 13.16%.
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