Moody’s Ratings assigns Mallplaza a Baa2 rating due to its economic profile and quality of its shopping center portfolio

March 15, 2025 06:01 AM AEDT | By EIN Presswire

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This is the first time the agency has awarded the company a rating, assigning it a stable outlook SANTIAGO, REGION METROPOLITANA, CHILE, March 14, 2025 /EINPresswire.com/ -- Moody's Ratings released its rating for Mallplaza, a process it undertook for the first time, assigning it a Baa2 rating based on “Mallplaza’s solid business profile, backed by a broad portfolio of premium shopping centers that attract significant visitor flows.” As of the end of 2024, Mallplaza had registered over 369 million visitors at its 37 assets distributed across 2.3 million m2 in Chile, Peru and Colombia.

In addition, Moody's recognized the positive geographical diversification of Mallplaza’s assets, with a low risk of concentration as no single asset represents over 10% of its GLA, in addition to the variety of well-established tenants and its over 5,000 existing stores. It also highlighted how the omnichannel solutions implemented have helped to enhance visitors’ experience with initiatives like free-flow parking - which has registered over 7 million transactions - and the movement of parcels through Click & Collect, which made over 1.2 million deliveries in 2024.

“It is very good news to receive this rating from Moody’s because it gives account of our growth strategy’s success and how we have built a leading portfolio of assets in the Andean region. It also recognizes Mallplaza as a company in healthy financial conditions and with a solid balance sheet, which allows us to continue investing and making the company grow,” said Derek Schwietzer, Corporate Manager of Administration and Finance at Mallplaza.

Moody’s rating report highlighted that Mallplaza operates with low leverage, with mostly uncommitted assets and minimum guaranteed debt, in addition to strong liquidity backed by assets mostly free of encumbrances, which supports its robust credit profile. The agency expects net debt/EBITDA (Moody's adjusted) to average 3.0x-3.2x in 2025-2026, similar to what it was in 2022-2023 and below the 3.4x registered in December 2023.

Mallplaza has been listed on the Chilean Stock Exchange since 2018. In this regard, Moody’s also mentioned that the company currently has a free float of 46 9% and a market capitalization of CLP 4,300 million (USD 4,500 million) as of 11 March 2025.

Lastly, the rating agency's report issued a Stable outlook, reflecting its analysts’ assumption that Mallplaza's business profile and credit metrics will improve and that there will not be any changes in the next 12 to 18 months.

CESAR RODRIGUEZ
MALLPLAZA
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