GICSA's operating and financial performance improves in short-term

GICSA, a Mexican developer of shopping centers and mixed-use developments, has experienced gradual improvements in its operational and financial performance. However, S&P Global highlights the need to control its long-term debt.

The financial performance of GICSA is improving, but long-term debt control is crucial. Photo: SiiLA

01/12/2023

The operational and financial performance of GICSA, a Mexican developer of shopping centers and mixed-use developments, has gradually improved in recent months, but S&P Global emphasizes the need for long-term debt control.

S&P acknowledges that GICSA's operations have been recovering, with occupancy rates reaching close to 84% as of September 30, 2022, significantly higher than the 78% reported on September 30, 2021. Additionally, pedestrian traffic in their shopping centers has nearly reached pre-pandemic levels, which enhances their non-rental income.

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