S&P Global Ratings affirmed its BB- global scale and brAA+ national scale issuer credit ratings on BR Properties SA, with a negative outlook.
The action factors in the rating agency's view that the Brazilian real estate operator will continue to cut vacancy rates over the next few months. It also noted the sale of BR Properties' assets, the Paulista and Barra da Tijuca buildings, with most of the proceeds to be used to pay debt.
The negative outlook reflects the company's potential for a downgrade should there be no consistent improvements in its occupancy rates, profitability and cash flow.
This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global. Descriptions in this news article were not prepared by S&P Global Ratings.