S&P ups Multiplan

Standard & Poor's said it affirmed the BB+ long-term corporate credit rating on Multiplan Empreendimentos Imobiliários SA (Multiplan), and upgraded the national scale corporate credit rating to brAA+ from brAA and R$100 million debenture due in 2011 to brAA+.

The outlook is stable.

The ratings reflect the resilience of Multiplan's cash flows through the recent downturn, S&P said, and the positive momentum of the Brazilian economy, which should help Multiplan's assets and strengthen its financials.

The ratings also consider the company's significant capital requirements to sustain its growth plans, which include the development of greenfield projects, investments in real estate and opportunistic acquisitions, the agency said.

The company's strong credit metrics, sound liquidity, increasing cash flows and conservative strategy to finance its expansion partially offset the negative factors, S&P said.

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