Fitch: Intercorp, notes BB-

Fitch Ratings said it assigned a BB- issuer default rating to Intercorp Retail Trust, along with an expected BB- rating to its $300 million proposed senior notes.

The agency also said it assigned BB- local- and foreign-currency issuer default ratings to Intercorp Retail Inc., formerly known as IFH-R Holding Corp.

The outlook is stable.

The proposed issuance will be guaranteed by Intercorp Retail Inc. and its subsidiaries.

The ratings reflect its diversified business model, continued growing operations and solid market position in Peru's supermarket and pharmacy retail segments, Fitch said.

Factors that constrain the ratings included the company's high leverage and negative free cash flow generation due to significant capital expenditure plans and recent acquisition, the agency said.

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