Fitch assigns IRSA notes B, AA-(arg)

Fitch Ratings said it assigned the following ratings to Inversiones y Representaciones' (IRSA) proposed notes:

• $150 million of series 2 senior unsecured notes at B/RR4; and

• $150 million of series 2 senior unsecured notes at national-scale rating AA-(arg).

The outlook is stable.

The agency added that IRSA's foreign and local currency issuer default ratings are: foreign currency issuer default rating B; local currency issuer default rating B+; and national-scale ratings AA- (arg).

The proceeds will be used to fund capital expenditures and investments, replacement of short-term debt and capital contributions to subsidiaries, Fitch said, noting that the company's B+ local currency issuer default rating reflects the strong market position and diversified portfolio of real estate assets in Argentina.

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