trending Market Intelligence /marketintelligence/en/news-insights/trending/c1ODibzi3YKhTIkBQI9gTQ2 content
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

If your company has a current subscription with S&P Global Market Intelligence, you can register as a new user for access to the platform(s) covered by your license at Market Intelligence platform or S&P Capital IQ.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *
  • We generated a verification code for you

  • Enter verification Code here*

* Required

Thank you for your interest in S&P Global Market Intelligence! We noticed you've identified yourself as a student. Through existing partnerships with academic institutions around the globe, it's likely you already have access to our resources. Please contact your professors, library, or administrative staff to receive your student login.

At this time we are unable to offer free trials or product demonstrations directly to students. If you discover that our solutions are not available to you, we encourage you to advocate at your university for a best-in-class learning experience that will help you long after you've completed your degree. We apologize for any inconvenience this may cause.

In This List

Moody's affirms InRetail Shopping Malls rating, changes outlook

Gauging Supply Chain Risk In Volatile Times

S&P Global Market Intelligence

Cannabis: Hashing Out a Budding Industry

Segment

IFRS 9 Impairment How It Impacts Your Corporation And How We Can Help

The Market Intelligence Platform


Moody's affirms InRetail Shopping Malls rating, changes outlook

Moody's affirmed its senior unsecured debt rating on Peruvian real estate investment trust InRetail Shopping Malls at Ba2 and revised the outlook to stable from negative.

The rating affirmation and outlook revision considered the company's credit strengths as Peru's largest mall operator, its stable cash flows and solid margins, and its financial flexibility gained through a large unencumbered asset pool and a solid fixed charge coverage ratio. These are balanced against IRSM's elevated leverage levels, specifically its net debt to EBITDA ratio, and its small size in terms of both its gross assets and its limited access to diverse sources of capital relative to international mall peers.

The rating agency also considered the company's dependency on cash flow from operations and bank loans as its primary sources of liquidity, its asset and tenant concentration risk due to the portfolio's composition, and turbulent political conditions dampening the business investment.

EBITDA margins continue to remain in the mid- to high-70% range of total revenue and the portfolio's occupancy remains strong at 96%, excluding one property. Moody's said the company should be well-positioned to benefit from Peru's healthy retail environment as total sales are forecast to grow approximately 5% to 6% in 2019-20.

Moody's stable outlook reflects its expectation that InRetail will keep its net debt to EBITDA ratio close to or below 5.0x, and that it will maintain credit factors at a minimum level while keeping the quality of the portfolio at current levels.

The rating agency said an upward rating movement is unlikely in the near-term.