S&P rates IRSA Propiedades Comerciales notes B-

Standard & Poor’s said it assigned its B- issue-level rating to IRSA Propiedades Comerciales (IRCP)’s proposed senior unsecured seven-year notes and affirmed the B- corporate credit and issue-level ratings on IRSA and IRCP.

The outlook remains stable.

The rating affirmation follows IRSA’s and IRCP’s announcement of an offer to buy back all of their outstanding notes due 2017 ($120 million of IRCP and $150 million of IRSA) and up to $76.5 million of IRSA Inversiones y Representaciones (IRSA)'s outstanding 11½% notes due 2020 subject to a possible increase of the 2020 notes tender by an aggregate principal amount of up to $73.5 million.

The tender will be financed through IRCP’s issuance of new long-term senior unsecured notes.

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