Moody's affirms Alsur

Moody's Investors Service said it affirmed Almacenadora Sur, SA de CV's B2 long-term local-currency issuer rating and Not Prime short-term local-currency issuer rating. At the same time, Moody's de México affirmed Alsur's Ba2.mx long-term Mexican national scale issuer rating and MX-4 short-term Mexican national scale issuer rating.

The outlook is stable.

The agency said the affirmation reflects Alsur's stable financial fundamentals in light of the major challenges the company has faced due to damage to major earnings-producing silos in 2008. The Miguel Alemán silos in Mexico City are expected to be fully operational in the next three months, restoring the company's core earnings capabilities during 2010.

Alsur continues to exhibit a limited franchise relative to peers within the general deposit warehousing industry in Mexico in terms of total assets, assets under management and warehouse capacity, Moody's said, and the company's limited geographic and product diversification also continues to constrain Alsur's ratings.

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