Fitch affirms Alto Palermo

Fitch Ratings said it affirmed Alto Palermo SA's foreign-currency issuer default rating at B+, local-currency issuer default rating at B+, $120 million notes due 2017 at B+/RR4, $50 million argentine peso-linked notes due 2012 at B+/RR4 and national scale ratings at AA-(arg).

The outlook is stable.

Ratings are supported by the company's strong business position in the Argentine shopping center industry, the agency said.

Concerns include the high correlation of shopping center tenant sales with the performance of the local economy and the currency mismatch between its dollar-denominated debt and peso-denominated cash flow, Fitch said.

The issuer's total debt-to-EBITDA ratio was 2.4 times for 2007.

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