Fitch upgrades InRetail

Fitch Ratings said it upgraded InRetail Pharma SA's long-term foreign and local currency issuer default ratings and its senior unsecured bonds to BBB- from BB+.

Fitch also upgraded InRetail Real Estate Corp.'s issuer default ratings and InRetail Shopping Malls' senior unsecured bonds to BBB- from BB+.

The outlook is stable.

“The upgrades reflect improved cash flow generation from the food and pharma segments during 2021 boosted by the Makro acquisition and the reopening of shopping malls,” the agency said in a news release.

“Together this translates into a robust capital structure aligned with an investment grade credit.”

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