Moody's rates Soriana certificados bursatiles Baa2, Aa2.mx

Moody's Investors Service said it assigned Baa2 global and Aa2.mx Mexican national-scale long term ratings to Organización Soriana, SAB de CV's proposed first certificados bursatiles under its new Ps. 15 billion dual certificados bursatiles program, which is currently being registered with the Mexican regulatory authorities.

The proposed certificados bursatiles will be senior unsecured debt obligations due 2012, with a face value of up to Ps. Billion, the agency noted.

Moody's said it also assigned an MX-1 Mexican national-scale short term rating to the program.

Moody's added that it expects Soriana to use proceeds from debt issuance under its new certificados bursatiles program for refinancing bridge debt related to its recent acquisition of the right to lease and operate 205 self-service stores of Grupo Gigante.

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