Moody's rates InRetail Ba2

Moody's Investors Service said it assigned a Ba2 senior rating to InRetail Shopping Malls, which will issue up to $300 million of senior notes with a seven-year maturity. The outlook is stable.

The proceeds will be used to redeem a $185 million secured bond issued by Interproperties Finance Trust, a subsidiary of InRetail Shopping Malls, as well as to purchase land for a future development and capex.

The agency said the Ba2 rating incorporates the company's industry leadership in the Peruvian shopping mall sector, high occupancy, low near-term debt maturities, well-laddered lease maturity schedule and experienced management team.

These strengths are mitigated by the company's small size in terms of total assets, weak liquidity profile and high tenant, geographic and asset concentration, Moody’s said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.