Moody’s gives InRetail notes Ba1

Moody's Investors Service said it assigned a Ba1 global scale rating to InRetail Consumer's $350 million senior unsecured notes due 2021.

At the same time, the agency assigned a corporate family rating of Ba1 on its global scale to InRetail Consumer.

The outlook is stable.

Proceeds will be used to refinance InRetail Consumer's existing $300 million bonds due 2018.

The new $350 million notes due 2021 will be unconditionally and irrevocably guaranteed by the subsidiaries Supermercados Peruanos SA and Eckerd Peru SA, both based in Lima, Peru.

"The Ba1 ratings reflect InRetail Consumer's leading market position and highly recognized brands in the Peruvian pharmaceutical and supermarket segments, with shares of the market leaving it as first and second player in these respective industries," Moody's vice president and senior analyst Veronica Amendola said in a news release.

"The ratings are also based on the company's limited exposure to demand volatility, given the higher resilience of the food and pharmacy industries to potential external shocks."

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