Fitch rates Consupago, notes BB-

Fitch Ratings said it assigned to Consupago SA de CV a long-term foreign-currency issuer default rating of BB-, short-term foreign-currency issuer default rating of B, long-term local-currency issuer default rating of BB-, short-term local-currency issuer default rating of B, senior unsecured debt for up to $750 million in Mexican peso of BB-, long-term national-scale rating of A-(mex) and short-term national scale rating of F2(mex). The agency also said it affirmed the short-term national scale rating on the local senior secured $1 billion in Mexican pesos debt at F2(mex).

The ratings reflect its strong capitalization, good financial performance, high margins and recurring sound earnings, adequate asset quality and loan loss reserve coverage, Fitch said.

The ratings also consider its modest funding flexibility, portfolio concentration and what potential business risk, the agency said.

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