Fitch raises Maestro Peru to BBB+

Fitch Ratings said it upgraded Maestro Peru SA's local and foreign currency long-term issuer default ratings and senior unsecured note ratings to BBB+ from BBB.

The outlook is stable.

Fitch said the upgrade reflects Maestro's proven and strengthened financial support from its holding company SACI Falabella (BBB+/stable). Although there are no legal guarantees on Maestro's debt obligations or cross-default provisions, Falabella has kept on providing tangible financial support to Maestro since its acquisition in September 2014. Last year, Maestro prepaid 35% of its senior unsecured notes through a Falabella's equity injection of $77 million. As of March 2016, intercompany short-term loans for PEN 205 million was provided to Maestro from its parent to finance working capital needs.

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