Moody’s: Cencosud view to stable

Moody's Investors Service said it affirmed Cencosud SA's Baa3 global scale issuer rating and the ratings on its senior unsecured notes and changed the outlook to stable from negative.

“The change in outlook to stable reflects Moody's expectations that Cencosud's leverage and overall credit metrics will continue to gradually improve," Moody's vice president, senior analyst Veronica Amendola said in a news release.

"The cost reduction efforts as well as the increment in cash flows coming from initiatives such us the sale of non-core assets should help offset the impact of challenging macroeconomic scenarios in most of Cencosud's markets in which low to moderate revenue growth is expected for 2016 and 2017."

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