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Fitch puts Maestro Peru on positive watch
Fitch Rating said it affirmed SACI Falabella (Falabella)’s rating following news that the company purchased Maestro Peru SA for about $492 million.
This transaction is viewed as neutral for Falabella’s credit quality, as the pro forma increase in its leverage that results from the transaction remains in line with expectations, Fitch said.
The outlook on Falabella remains stable.
Fitch also said it placed the ratings of Maestro on Rating Watch positive, including its foreign-currency issuer default rating of B, local-currency issuer default rating of B and senior unsecured notes rating of B with recovery rating of RR4.
Through this transaction, Maestro has become a fully owned subsidiary of Sodimac Peru, which is an indirect wholly owned subsidiary of Falabella.
Sodimac Peru and Maestro are the two largest home improvement specialty retailers in Peru with combined sales on a pro forma basis of more than $1 billion, Fitch said.
The agency said it views the acquisition as strategically positive over the medium-term.
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