Moody's rates InRetail Consumer, notes Baa3

Moody's Investors Service said it gave Baa3 ratings to InRetail Consumer and its up to $750 million of senior secured notes.

"In the last ten years, InRetail Consumer has been able to double its revenue base through successful integration of acquired operations. Since then, the company has proved committed to reduce leverage resulting in a credit profile in line with the Baa3 assigned today," said Sandra Beltran, a Moody's vice president and senior analyst, in a press release. "The ratings also reflect our expectation that InRetail Consumer will be able to continue to strengthen its business within a favorable environment, characterized by its exposure to A3-rated Peru" added Beltran.

The will be used to refinance a $375 million bridge loan that Supermercados Peruanos used to fund Makro's acquisition in Peru and tender InRetail Pharma's $400 million bond due in 2023. The remaining $25 million will be used for general corporate purposes.

Moody’s assigned a stable outlook.

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