S&P ups IRSA

S&P said it raised its issuer credit rating on IRSA Inversiones y Representaciones SA to CCC+ from SD and its issuer credit and issue-level ratings on subsidiary IRSA Propiedades Comerciales SA to CCC+ from CCC-.

IRSA completed its debt exchange with a 98.31% acceptance, following the Argentine central bank's regulations.

“In our opinion, IRSA's refinancing risk decreased after the exchange, with only about $80 million in debt maturing in 2021. Despite the business and macroeconomic challenges that the company would continue to face in the short term, we believe that given the amount and composition of those maturities, refinancing would be manageable thanks to IRSA's satisfactory relationships with banks, financial flexibility, and track-record of issuances in the domestic capital market,” S&P said in a press release.

The outlook is negative.

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