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S&P gives IRSA CCC+
S&P said it gave IRSA Inversiones y Representaciones SA and its notes CCC+ ratings. The issuer absorbed all of IRSA Propiedades Comerciales SA assets and obligations. The agency withdrew its IRSA Propiedades Comerciales’ ratings.
In March, IRSA offered to exchange $360 million of its outstanding 8¾% series 2 senior unsecured notes due March 23, 2023, originally issued by IRSA Propiedades Comerciales.
“We view the proposed exchange as distressed because of the transfer and convertibility (T&C) restrictions in Argentina. However, given the proposed compensation for the tenor extension, we don't think there's clear evidence that investors would receive less value than in the 2023 notes original promise,” S&P said in a press release.
The outlook is negative.
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