Moody’s gives InRetail notes Ba2

Moody’s Investors Service said it assigned a Ba2 rating to the proposed senior notes of InRetail Shopping Malls.

The agency affirmed the company’s existing ratings, including the Ba2 foreign currency senior unsecured and Ba2 global scale local currency senior unsecured ratings.

The outlook was revised to negative from stable.

Moody’s said the negative outlook reflects an expectation of a substantial increase in leverage in excess of 6 times net debt/EBITDA that will be sustained for at least the next two years.

“The additional leverage allows for minimal cushion at the existing rating to withstand any volatility in cash flows,” the agency said in a news release.

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