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S&P might lower InRetail
S&P said it placed its BB+ long-term corporate credit and issue-level ratings on InRetail Consumer on CreditWatch negative.
The agency said the listing follow the company’s announcement that it acquired Quicorp SA for a total amount of $583 million.
The acquisition was funded through a mix of a bridge loan and a contribution in equity by a group of private investors.
The agency said the negative CreditWatch reflects the risk that incremental debt used for the acquisition will bring leverage metrics to a level that is not commensurate with the current BB+ ratings.
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