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S&P affirms Grupo Gicsa's national scale issuer credit ratings

S&P Global Ratings affirmed the BB global and mxA national scale issuer credit ratings on Mexican developer Grupo Gicsa SA de CV, with a stable outlook.

S&P also affirmed its mxA issue-level ratings and recovery ratings of 3 on the company's senior local notes.

The decision is based on Grupo Gicsa's solid operating and financial performance in 2018. Moving ahead, the rating agency expects the developer to continue to register resilient operating performance at its stabilized properties throughout 2019.

The stable outlook indicates that Grupo Gicsa will maintain robust occupancy and renewal rates at those assets, as it continues to expand with financial discipline in the following 12-month term.

S&P also anticipates that the company will continue to record debt-to-EBITDA and debt-to-capital ratios below 7.5x and 50%, respectively.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings, a separately managed division of S&P Global. Descriptions in this news article were not prepared by S&P Global Ratings. The original S&P Global Ratings documents referred to in this news brief can be found here.