Moody's gives InRetail Ba2 rating

Moody's Investors Service said it assigned a Ba2 corporate family rating to InRetail Shopping Malls. In the same rating action, Moody's affirmed InRetail Shopping's senior unsecured rating at Ba2 and revised the rating outlook to positive from stable.

InRetail Shopping Mall's Ba2 rating considers the company's position as the largest owner and operator of shopping malls in Peru, supported by strong earnings generation, high occupancy levels and healthy tenant sales growth rates, the agency said.

Partially offsetting these strengths, is the company’s small scale and limited access to global capital markets and its asset and tenant concentration risk in its portfolio, Moody’s noted.

“The positive rating outlook reflects our expectation that IRSM will continue to prudently manage its balance sheet and liquidity, as well as strengthen its credit profile. The outlook also entails the expectation that the company will maintain, at a minimum, all other credit factors as well as the quality of the portfolio at current levels,” Moody’s said in a press release.

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