Fitch gives IRSA notes B

Fitch Ratings said it assigned the following rating to IRSA Inversiones y Representaciones' notes: $150 million of series 2 senior unsecured notes at B/RR4.

The outlook is stable.

Fitch added that IRSA's foreign and local currency issuer default ratings are foreign currency issuer default rating B and local currency issuer default rating B+.

The proceeds will be used to fund capital expenditures and investments, replacement of short-term debt and capital contributions to subsidiaries, the agency said.

The agency noted that IRSA's B+ local currency issuer default rating reflects the company's strong market position and diversified portfolio of real estate assets in Argentina.

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