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Fitch affirms ratings of IRSA, subsidiary

Fitch Ratings affirmed the CCC long-term foreign currency issuer default rating of IRSA Inversiones y Representaciones SA, or IRSA, and its subsidiary IRSA Propiedades Comerciales SA, or IRSA PC.

The rating agency also affirmed the companies' B+ long-term local currency issuer default rating, with negative outlooks.

IRSA's ratings reflect its exposure to the business and economic conditions in Argentina. The parent company's foreign currency issuer default rating is tied to Argentina's CCC country ceiling, which limits the foreign currency ratings of most Argentine companies.

Fitch sees a strong link between IRSA and its subsidiary on the back of the companies' common management team and decision-making process.

The ratings also reflect IRSA's strong business position in Argentina's real estate sector. Through IRSA PC, the parent company owns a portfolio of 15 shopping centers and eight premium offices, which Fitch said is "difficult to replicate."