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Moody's affirms BR Properties ratings, revises outlook

Moody's affirmed BR Properties SA's corporate family rating at Ba2/Aa2.br and revised the company's outlook to stable from negative.

At the same time, the rating agency affirmed the Brazilian real estate operator's Ba2/Aa2.br senior secured and Ba3/A2.br senior unsecured ratings.

The ratings affirmation and outlook revision are based on the company's progress in its deleveraging and liability management plan to strengthen the balance sheet and optimize its capital structure, Moody's said.

The rating agency also noted that a favorable operating environment, backed by Brazil's economic recovery, increasing tenant demand and improving market fundamentals, is proving beneficial to BR Properties.

The weak occupancy rate in the company's operating portfolio, its large exposure to the sluggish office market in Rio de Janeiro and its limited financial flexibility, however, remain barriers, according to the rating agency.