Moody’s might up Sonae Sierra national rating

Moody's Investors Service said it placed Sonae Sierra Brasil SA's Aa2.br national scale corporate family rating under review for upgrade.

The action follows the June 7 announcement of the company entering into an agreement for a stock for stock merger with Aliansce Shopping Center SA, to form Brazil's largest mall company, in terms of total gross leasable area under management, Moody’s said.

Moody's affirmed Sonae Sierra's Ba2 global scale corporate family rating.

The outlook remains stable.

“Sonae Sierra would benefit from the merger with increased scale, revenue and earnings diversification, and greater financial flexibility from higher operating cash flows,” the agency said in a news release.

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