BUENOS AIRES, Argentina, Dec. 21, 2010 /PRNewswire/ -- Standard and Poor's Ratings Services said last Friday it has raised IRSA Inversiones y Representaciones S.A.'s and its subsidiary Alto Palermo S.A.'s Corporate Credit Ratings on a Global Scale from B-/Positive Watch, to B/Stable, following the review of the business environment in the country and the upgrade of the Republic Argentina sovereign debt to B from B-.
On the National Scale, for Argentina, the credit ratings for both IRSA and Alto Palermo were both raised from raA to raAA.
Among other factors indicated in the local report, Standard and Poor's remarked the de-consolidation of Tarshop's business and IRSA's acquisition of Parque Arauco S.A.'s stake in Alto Palermo on one hand, and the issuance of the IRSA 2020 bond, on the other, as events improving the stability of cash flows and IRSA's debt structure, respectively.
IRSA Inversiones y Representaciones S.A. (NYSE: IRS, BASE: IRSA) is Argentina's largest, most well-diversified real estate company, and it is the only company in the industry whose shares are listed on both the Bolsa de Comercio de Buenos Aires and The New York Stock Exchange. Through its subsidiaries, IRSA manages an expanding top portfolio of shopping centers and office buildings, primarily in Buenos Aires. The company also develops residential subdivisions and apartments (specializing in high-rises and loft-style conversions) and owns three luxury hotels. Its solid, diversified portfolio of properties has established the Company as the leader in the sector in which it participates, making it the best vehicle to access the Argentine real estate market. Additionally, IRSA owns a stake in Banco Hipotecario, Argentina's largest mortgage supplier in the country.
SOURCE IRSA Inversiones y Representaciones S.A.