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BR Malls Participa??es S.A. Nov 11
Standard & Poors, Nov 2011
Abstract
Leading position and favorable asset diversification in the Brazilian shopping mall industry; Stable and predictable cash flows; and Long-term debt profile and smooth amortization schedule. Execution risk from an aggressive expansion plan including acquisitions and new developments; Projected high leverage ratios and negative free operating cash flows for the next two years; and Potential use of both cash and debt to finance its growth plans. Standard & Poor's Ratings Services' ratings on BR Malls Participa--es S.A. reflect the company's improving property portfolio, increased market share in the Brazilian shopping mall industry, and resulting stronger cash flows. Its aggressive expansion plan, however, has kept debt high despite increased cash generation. We project new assets, either under development or acquired, will generate...
Companies mentioned in this report are: BR Malls Participacoes S.A.
Action: Review
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
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