Fitch: Regal Forest notes BB-

Fitch Ratings said it assigned a foreign-currency issuer default rating of BB- to Regal Forest Holding Co. Ltd., along with a local-currency issuer default rating of BB- and an expected BB- rating to its proposed senior unsecured notes issue of up to $300 million due 2024.

The outlook is stable.

The ratings reflect the company's leading business position in most of the 16 countries in Central America and the Caribbean and in two countries in South America, Fitch said.

The ratings also consider Grupo Unicomer's track record of stable operational results based on a business model targeting low-income to middle-income segments, which represent the majority of population in countries where the company operates, the agency said.

The ratings also take into account the support and solid financial position of its shareholders, Milady Group from El Salvador and El Puerto de Liverpool from Mexico, Fitch said.

The company's positive cash generation throughout the business cycle is a rating strength, the agency said.

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