Moody's rates Intercorp Retail Trust notes B1

Moody's Investors Service said it assigned a B1 senior rating to the proposed fixed-rate global notes of Intercorp Retail Trust for an amount of up to $300 million.

At the same time, Moody's has assigned a corporate family rating of B1 to Intercorp Retail, Inc.

The outlook is stable.

Moody's said the B1 rating is supported by the defensive business profile in the company's food and pharmacy retail operation, its significant market position in the Peruvian retail sector despite its relatively small size compared to other international peers and its experienced management team.

The B1 rating reflects key credit challenges including the estimated high leverage (5.9 times) post issuance of the notes as well as high capital expenditures planned for the next few years that could continue to negatively impact Intercorp Retail's liquidity, the agency said.

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