S&P lowers IRSA, subsidiary

S&P said it lowered its issuer credit and issue-level ratings on IRSA Inversiones y Representaciones SA (IRSA) and IRSA Propiedades Comerciales SA (IRCP) to CCC- and CCC, respectively, from CCC+.

S&P also removed the ratings from CreditWatch with negative implications, where S&P placed them on May 17.

“The negative outlooks reflect substantial refinancing risks due to significant debt amortizations through year-end (around $390 million for IRSA, net of bond repurchases),” S&P said in a news release.

The negative outlook also incorporates the uncertainties over resumption of IRSA's hotels and shopping malls operations, the agency added.

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