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Fitch affirms Peruvian shopping mall operator InRetail Real Estate ratings

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Fitch affirms Peruvian shopping mall operator InRetail Real Estate ratings

Fitch Ratings affirmed its ratings on InRetail Perú Corp. unit InRetail Real Estate Corp. at BB+, with a stable outlook.

The action pertains to the Peruvian shopping mall operator's long-term issuer default rating and local-currency long-term issuer default rating and to the long-term senior unsecured debt rating of InRetail Shopping Malls.

The rating agency said the ratings take into account InRetail Real Estate's strong credit ties with its parent, as well as the parent's consolidated credit profile and the stable business positions of its supermarket, pharmacy and shopping mall units.

Fitch sees InRetail Real Estate's market position in the Peruvian shopping mall sector as solid for the medium term.

The rating agency expects InRetail Real Estate to execute its capital expenditures plan, estimated at 950 million Peruvian soles and involving the development of the Puruchuco Mall, during 2019 to 2021. The mall is expected to open in 2019.

The stable outlook factors in the rating agency's expectation that InRetail Peru will deleverage through 2020.

As of May 23, US$1 was equivalent to 3.35 Peruvian soles.