S&P ups InRetail Shopping Malls

S&P said it raised its ratings for InRetail Shopping Malls and its senior unsecured notes to BB+ from BB.

“We estimate that ISM's operations will continue improving in the next 12 months, with occupancy rates above 93% and virtually all of its gross leasable area (GLA) open, without major pandemic restrictions. The lifting of operating restrictions, the stabilization of Real Plaza Puruchuco, and the expansion of Real Plaza Cusco will fuel double-digit growth in ISM's top-line revenue through fixed and variable rents. As a result, its financial performance will continue to improve compared with 2021, surpassing pre-pandemic levels,” S&P said in a press release.

The agency said it forecasts ISM's net debt to EBITDA to be 5x-6x and debt to capital to remain under 50% in the next 12 months, without netting to debt its reported investments in InRetail Peru Corp.'s shares.

The outlook remains stable.

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