Fitch ups BRMalls views to positive

Fitch Ratings said it affirmed BRMalls Participacoes SA's foreign and local currency issuer default ratings at BB-, its long-term national-scale rating at A and its $175 million perpetual notes at BB- and revised the outlook to positive from stable.

Fitch said that the rating affirmation reflects BRMalls' leading business position as the largest Brazilian shopping center operator and its stable and predictable cash flow generation.

The positive outlook reflects the company's continued strong and consistent operating performance over the last several years and its proven ability to pursue its acquisition strategy without compromising its capital structure through heavily debt-funded acquisitions, according to the agency.

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