Moody's rates BR Properties notes Ba3

Moody's Investors Service said it assigned first-time ratings of a probable Ba3 to the proposed $300 million senior unsecured notes of BR Properties SA, along with a Ba2 global local-currency corporate family rating and A1.br national scale rating.

The outlook is stable.

BR Properties proposes to issue $300 million of perpetual non-call five-year senior unsecured notes that will rank pari passu with other unsecured debt.

Most of the proceeds will be used to fund part of the company's capital expenditure plan, which includes developments, expansions and acquisitions, Moody's said.

The ratings reflect BR Property's extensive management experience in the markets in which they operate, the agency said.

The ratings also incorporate the company's high quality portfolio with strong profitability and minimal vacancies, Moody's added.

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