Fitch turns Unicomer view to positive

Fitch Ratings said it changed the outlook to positive from stable and affirmed Grupo Unicomer Corp.'s long-term local and foreign currency issuer default ratings and $350 million of senior notes due 2024 at BB-.

“The positive outlook reflects Fitch's expectations that Unicomer's operating results and credit metrics will continue improving within the next 18-24 months after weakening during the coronavirus pandemic. The company quickly responded to the challenges in 2020-2021 on its retail and financial businesses and Fitch expects Unicomer will benefit from the recovery of consumer spending in the markets where it operates,” the agency said in a press release.

Fitch said it forecasts Unicomer’s revenues and EBITDAR will reach pre-pandemic levels by YE 2022, and total adjusted debt to EBITDAR (pre IFRS 16) and total adjusted net debt to EBITDAR will strengthen toward 4.5x and below 4x, respectively, by 2023-2024.

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