S&P rates InRetail notes BB

S&P said it assigned a BB issuer credit rating to InRetail Pharma SA, along with a BB rating to the company's proposed senior unsecured notes of up to $550 million.

The outlook is stable.

InRetail is an operating subsidiary within Intercorp Peru Ltd.'s retail investments, S&P said.

In January 2018, the company announced that it acquired Quicorp SA.

Following the acquisition, InRetail is now the leading drugstore chain in Peru that operates through its Inkafarma and Mifarma brands, the agency said.

InRetail Pharma has a highly competitive cost structure that supports its consumer segmentation strategy, S&P said.

The company's concentration in Peru and still smaller scale than those of global peers offset the ratings strengths, the agency said.

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