Moody’s rates InRetail Pharma, notes Ba2

Moody's Investors Service said it assigned InRetail Pharma SA a Ba2 corporate family rating and a Ba2 rating to its up to $550 million senior unsecured notes, which includes an up to $100 million Peruvian sol-denominated tranche.

The outlook is stable.

Moody’s said the Ba2 rating assigned to the senior unsecured notes, in line with the corporate family rating, reflects the existence of one main class of debt and the absence of any material structural subordination within the company's debt structure.

“The Ba2 rating is supported by InRetail Pharma's leading market position and highly recognized brand name in the Peruvian pharmacy and pharmaceutical distribution segments with limited exposure to demand volatility, given the higher resilience of the pharmacy industry to potential external shocks,” the agency said in a news release.

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