FITCH Ratings has lowered its outlook on Lippo Malls Indonesia Retail Trust's (LMIRT) long-term foreign-currency issuer default rating to negative from stable due to the coronavirus outbreak. Read more at The Business Times.
Fitch Ratings said this scenario assumes the pandemic will persist in the second quarter of 2020 followed by a slow recovery.
Meanwhile, it said LMIRT's cash flow would be further pressured by depreciation of the Indonesian rupiah, something Moody's Investors Service also noted when it similarlyLiquidity-wise, Fitch Ratings said LMIRT's end-2019 cash balance of S$110 million was enough to cover S$75 million worth of bonds maturing in June 2020.
It also expects LMIRT to defer interest payments on its perpetual securities and dividend distribution to conserve cash. "LMIRT's next significant maturities are S$175 million term loans due in August 2021, which provides the company with sufficient time to refinance by loans or bonds once the market improves," Fitch Ratings added.
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