JAKARTA: Moody's Investors Service sees no immediate impact on the B1 corporate family rating of PT Lippo Karawaci Tbk, Indonesia's second largest property company by market capitalization, and the B1 senior unsecured ratings of the US$ bonds guaranteed by , or their stable outlook, following its proposed acquisitions announcement.In a press release published today, Alvin Tan, a Moodys analyst, said that the acquisitions will not materially affect the company's financial and liquidity profiles, as they are predominantly funded by equity.As a result, Lippo Karawacis Debt/Book Capitalization leverage will stay below 40%, which is strong for its current B1 rating," said Tan.Lippo Karawaci acquired a 27.2% stake in Lippo-Mapletree Indonesia Retail Trust and a 40% interest in its asset manager, Lippo Mapletree Indonesia Retail Trust Management Ltd.The total consideration is Rp1.36 trillion, of which 70.4% will be funded with proceeds from its proposed equity issuance and the rest will be funded from internal cash resources.When completed, LK's stake in Lippo-Mapletree Indonesia Retail Trust will increase to 29.5% from 2.26%, and its stake in Lippo Mapletree Indonesia Retail Trust Management Ltd will rise to 100% from 60%.At the same time, the company has approved a plan to raise gross equity of Rp957 billion (US$112 million) from a direct placement to the Lippo Group to part-finance the acquisitions. (NOM)
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