S&P rates InRetail, notes BB

S&P said it assigned a BB corporate credit rating to InRetail Shopping Malls and assigned a BB issue-level rating to the company's proposed up to $500 million of senior notes.

The outlook is stable.

The agency said the ratings reflect the company's premium portfolio of 21 locations totaling about 670,000 square meters of gross lease area.

In addition, the company has the largest shopping center chain in Peru with a market share of around 25%, high occupancy rates above 95% on average and high duration profile for its property portfolio with an average tenor of about 25 years, S&P said.

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