Fitch ups IRSA

Fitch Ratings said it upgraded Inversiones y Representaciones SA's local-currency issuer default rating to BB- from B+, $150 million of senior notes due in 2017 and $150 million senior notes due in 2020 to B+/RR3 from B/RR4, and national-scale ratings to AA+(arg) from AA-(arg).

Fitch affirmed IRSA's foreign-currency issuer default rating at B and its national-scale equity rating at Category 1.

The outlook is stable.

The RR3 recovery rating reflects good recovery prospects in the event of default, the agency said.

The upgrade reflects the company's strong performance and positive operating trends as well as steps taken by the company during the past year to increase the focus of its business and diminish cash flow volatility, Fitch said.

The ratings reflect the company's strong market positions in premium office buildings, a moderate level of debt and manageable liquidity as well as the above average risks associated with real estate development in Argentina, the agency said.

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