Fitch gives BB-/A(bra) to BR Malls

Fitch Ratings said it assigned BR Malls Participacoes foreign- and local-currency issuer default ratings at BB- and a national scale rating at A(bra).

The agency assigned a BB- rating to the perpetual debenture issued by BR Malls International Finance and fully guaranteed by BR Malls.

The outlook is stable.

Ratings reflect the issuer's business position, stable and predictable cash flow generation, positive industry momentum riding on Brazil's favorable economic environment, low capital-intensive nature of the industry and geographical and property revenue base diversification, the agency said.

Ratings also incorporate the risks of an aggressive growth strategy, partially mitigated by its large pool of unencumbered assets and acquisitions of established assets with immediate cash flow benefit, Fitch noted.

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