Fitch Ratings affirmed BR Properties SA's long-term foreign and local currency issuer default ratings at BB-.
The outlook remains negative.
The rating agency said a key rating consideration is the company's conservative liquidity strategy, with low refinancing risk from an extended debt amortization profile. The ratings are also supported by the estimated 7.5 billion Brazilian reais market value of the company's portfolio as of December 2017.
The negative outlook reflects the continued challenging business environment in Brazil and the company's struggle to reduce its high vacancy rates of 22%. The company's deleveraging has been slower than expected due to the weak economic conditions impacting vacancy rates and its relevant asset acquisitions.
As of March 20, US$1 was equivalent to 3.29 Brazilian reais.