Fitch Ratings affirmed BR Properties SA's BB- long-term foreign and local currency issuer default and A(bra) national scale long-term ratings.

The outlook was revised to stable from negative.

At the same time, Fitch said it has withdrawn the ratings for commercial reasons and will no longer provide ratings or analytical coverage for the company.

Fitch noted that the affirmation reflects BR Properties' position as Brazil's largest commercial properties company with high-quality assets and tenants. The ratings are also supported by the company's conservative liquidity strategy.

The outlook revision reflects Fitch's expectation of lower vacancy rates resulting from a more favorable operating environment.