Fitch: Elektra unchanged

Fitch Ratings said it that Grupo Elektra SA de CV's proposed acquisition of Advance America for about $780 million will have no immediate impact on the company's ratings.

Currently, Elektra is solidly positioned within the BB- rating category, the agency stated.

The proposed acquisition of AEA, which has a higher business risk profile than Elektra and is partially funded with debt, would lower the company's credit quality but would not knock it from the BB- category, Fitch said.

The agency noted that he transaction is expected to be financed by a combination of debt, including the recent $150 million bond reopening that took place on Feb. 3, and cash on-hand.

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