Fitch affirms General Shopping

Fitch Ratings said it affirmed General Shopping Brasil SA's foreign- and local-currency issuer default ratings at BB- and national scale ratings at A-(bra) as well as General Shopping Finance Ltd.'s foreign-currency issuer default rating and $250 million perpetual notes at BB-.

The outlook is stable.

The agency said General Shopping Brasil's ratings reflect the company's business position as one of the largest shopping center operators in Brazil's southeastern and southern regions, stable and predictable cash flow generation, high gross leverage and solid liquidity.

The ratings incorporate the risk of completion delays and leasing of new developments and the company's limited geographical and asset diversification, Fitch said.

At the end of June, the company's total debt-to-EBITDA ratio was 7.1 times.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.