Fitch affirms IRSA

Fitch Ratings said it affirmed Inversiones y Representaciones SA's (IRSA) foreign-currency issuer default rating at B, local-currency issuer default rating at BB-, national scale rating at AA+(arg), national scale senior unsecured notes at AA+(arg) and national equity rating at 1.

The agency also said it affirmed the B+ rating on its $150 million senior unsecured notes due in 2017 with a recovery rating of RR3 and the B+ rating on its $150 million senior unsecured notes due in 2020 with a recovery rating of RR3.

The outlook is stable.

The ratings reflect the company's strong performance and positive operating trends, Fitch said.

IRSA has a leading position in the shopping center segment through its subsidiary, Alto Palermo SA, the agency said.

The ratings are constrained by above-average risks associated with real estate development in Argentina, including sharp downturns in economic activity, Fitch said.

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