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S&P moves IRSA outlook to stable
S&P said it revised its outlook on IRSA Inversiones y Representaciones SA to stable from negative and affirmed its CCC+ ratings.
Argentina’s central bank (BCRA) approved the company to access the official exchange market. IRSA then redeemed early its $121 million of its outstanding 8¾% series II senior unsecured notes due March 23, originally issued by Irsa Propiedades Comerciales SA.
“The stable outlook reflects the company's manageable debt maturity profile, and improved capital structure with no outstanding debt subject to the BCRA's foreign-exchange restrictions. In addition, the stable outlook reflects the company's improved operating performance. We expect debt to EBITDA of 3.5x-4x, interest coverage of 2.5x-3x, and debt to debt-plus-equity of 35%-40% in the next 12 months,” S&P said in a statement.
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