BR Malls shops local notes

BR Malls shops local notes

Debenture Debt Capital Markets Corporate & Sovereign Strategy Brazil

Brazil's BR Malls Participações is preparing to issue BRL500m ($129m) in debentures in the local market, according to a report from Fitch. The mall operator will use the proceeds to pay off outstanding debt and for general corporate purposes, Fitch said. Fitch gave the new notes a AAA(bra) rating with a stable outlook on the local scale, in line with the agency's long-term national rating for BR Malls. Fitch also gives BR Malls a BB long-term rating issuer default rating in foreign currency.

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