Fitch affirms IRSA

Fitch Ratings said it affirmed IRSA Inversiones y Representaciones SA's foreign-currency issuer default rating at B, local-currency issuer default rating at B+, $150 million notes due 2017 at B/RR4 and national scale ratings at AA-(arg).

The outlook is stable.

The agency said the ratings reflect the company's strong market position, diversified portfolio of real estate assets in Argentina, positive operating trends, the positive improvement in its corporate structure and relatively low leverage levels.

The ratings are constrained by the company's exposure to market cyclicality due to the heavy concentration of its assets in the Greater Buenos Aires region, exposure to a devaluation of the Argentina peso due to its peso revenues and dollar-denominated debt and the B country ceiling assigned to Argentina, Fitch said.

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