Fitch assigns BB to InRetail notes

Fitch Ratings said it assigned InRetail Real Estate Corp. a proposed local-currency senior unsecured notes BB (exp) to be issued by InRetail Shopping Malls.

The outlook is stable.

Fitch said the ratings reflect the company's solid business position, stable and predictable cash flow generation, expected levels of leverage, liquidity and unencumbered assets post-proposed issuance, strong credit linkage with its parent company Intercorp Retail Inc., positive industry momentum riding on Peru's favorable economic environment and the low working capital requirements of the industry, with tenants responsible for most property maintenance expenses.

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