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S&P downgrades IRSA
S&P said it lowered its ratings on IRSA Inversiones y Representaciones SA and its subsidiary IRSA Propiedades Comerciales SA to CCC+ from B- and placed the ratings on CreditWatch with negative implications.
IRSA Inversiones faces significant debt amortizations pressuring the company’s liquidity. This issue coupled with the coronavirus pandemic and Argentina’s restructuring may limit the company’s ability to refinance or sell assets.
The CreditWatch negative placement reflects the company's weaker liquidity and dependence on market access or sale of assets to refinance debt during the volatile scenario both locally in Argentina as well as abroad, S&P said.
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