MOODY'S Investors Service has changed its outlook on Lippo Malls Indonesia Retail Trust (LMIRT) to negative from stable. Read more at The Business Times.
Moody’s forecasts LMIRT’s net-debt-to-Ebitda ratio this year to weaken to around 6.5 times from 5.2 times in 2019, and the Ebitda-to-interest-expense ratio to fall to around 2.0 times compared with 3.0 times last year.
Nonetheless, Moody’s believes LMIRT’s liquidity will likely remain adequate over the next 12 months, assuming it will obtain the required funding before proceeding with thein Jakarta. LMIRT’s manager had announced in March last year that it is looking to finance the 3.7 trillion rupiah acquisition with a mix of debt and equity.
The Reit’s manager on Tuesday said that while it is difficult to ascertain the full financial impact of the crisis, it is in compliance with its debt obligations and has adequate financial reserves to fulfil its obligations “in the foreseeable future”. The Ba3 rating for the Reit continues to reflect its established presence in Indonesia with its portfolio of malls and retail spaces spread across 10 cities and targeting the country’s growing middle to upper-middle income consumers.
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