Fitch upgrades InRetail

Fitch Ratings said it upgraded InRetail Real Estate Corp.’s foreign-currency issuer default rating to BB+ from BB and local-currency issuer default rating to BB+ from BB.

Fitch also said it upgraded the ratings on the bonds issued by InRetail Shopping Malls to BB+ from BB to senior unsecured foreign-currency notes due 2021 and to BB+ from BB on its senior unsecured local-currency notes due 2034.

The outlook is stable.

The upgrades reflect the company’s consistent execution of its capital expenditure plan and successful implementation of a debt-refinancing program, the agency said.

The upgrades also consider the strength of the company’s operating results that led to margins above those previously projected, Fitch said.

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