Lippo Malls Indonesia Retail (SG:D5IU) has released an update.
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Fitch Ratings has downgraded Lippo Malls Indonesia Retail Trust’s long-term credit rating to ‘C’ from ‘CC’, affecting its 2024 and 2026 senior unsecured notes, due to a distressed debt exchange that Fitch believes will significantly reduce the original terms of the notes. Despite this downgrade, the Trust’s management assures stakeholders that it remains in compliance with its financial covenants.
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