Fitch rates IRSA, notes CCC

Fitch Ratings said it assigned IRSA Inversiones y Representaciones SA (IRSA) CCC long-term foreign- and local-currency issuer default ratings and CCC/RR4 ratings to IRSA's new senior unsecured notes due 2028 to be issued as part of the company's reported exchange offer.

The CCC/RR4 rating of the outstanding $360 million of bonds due in 2023 issued under IRSA Propiedades Comerciales SA (IRSA PC) is affirmed and transferred to IRSA as the latter assumed full responsibility for the bonds as of Tuesday. Fitch also withdrew IRSA PC's long-term local- and foreign-currency IDRs. The agency withdrew the ratings due to its dissolution and the absorption of all its assets and liabilities by IRSA.

“Fitch believes a successful exchange will significantly reduce IRSA's refinancing risk. Conversely, failure to execute the proposed transaction will further limit the company's ability to address its 2023 debt maturities due, in great measure, to the existing capital controls in Argentina and challenging macro conditions,” the agency said.

The outlook is stable.

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