Fitch: IRSA outlook negative

Fitch Ratings said it has affirmed the following ratings for Inversiones y Representaciones SA (IRSA): foreign currency issuer default rating at B-; local currency issuer default rating at B+; $150 million senior unsecured notes due in 2017 at B/RR3; and $150 million senior unsecured notes due in 2020 at B/RR3.

The outlook is negative.

According to Fitch, IRSA's ratings reflect the company's exposure to Argentina's business climate and economic conditions as well as its consolidated credit profile.

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