Fitch boosts IRSA

Fitch Ratings said it upgraded IRSA Inversiones y Representaciones, SA's (IRSA) long-term foreign currency issuer default rating to B- from CCC- and the local currency IDR to B from CCC-. Fitch also upgraded the company's senior unsecured rating to B/RR3 from CCC/RR3.

“The upgrades reflect decreased default risk following IRSA's successful refinancing of its 2023 notes. The FC IDR of B- is constrained by Argentina's country ceiling. The recovery rating of RR3 reflects above-average recovery expectations for creditors in the event of default. It is supported by the historical precedent of numerous distressed debt exchanges by Argentine corporates that did not result in a reduction in principal,” Fitch said in a press release.

The outlook is stable.

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