Sonae Sierra Brasil S.A.: Update following the upgrade of the national scale, corporate family and senior unsecured ratings to Aa2.br.
Our credit view reflecting Sonae Sierra's strong balance sheet, good-quality portfolio and ample liquidity, offset by its small size and lease maturity risk.Sonae Sierra Brasil SA is a Brazil-based company principally engaged in the development and operating of shopping centers in Brazil. Through its subsidiaries, the Company is active in the shopping center project development, commercial building construction, management of commercial real estate properties, brokerage services, leasing of space to retailers, rental of commercial spaces for advertising and promotion, and operating parking lots. The Company has such subsidiaries as Sierra Investimentos Brasil Ltda and Unishopping Administradora Ltda, through which it operates a number of shopping centers in Brazil, including Parque D Pedro, Metropole, Manauara, Penha, Tivoli, Campo Limpo and Franca, among others. It is a subsidiary of Sierra Brazil 1 BV.
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