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Bond Market News
LMIRT Downgraded to C on Exchange Offer
May 24, 2024
Lippo Malls was downgraded by a notch to C from CC by Fitch following the debt exchange offer conducted by the company on its 7.25% bonds due June 2024. The rating agency also downgraded the ratings of Lippo’s 2024 and 2026 bonds by the same measure. As reported yesterday, around 29.48% of the principal was validly tendered with $97.629mn of principal remaining outstanding. Fitch considers the exchange offer to be a distressed debt exchange (DDE) which is being conducted to avoid a default. Fitch added that it might downgrade Lippo to restricted default (RD) on successful completion of the exchange offer.
Its 7.25% 2024s inched 0.3 points higher to trade at 98.91 cents on the dollar.
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