Moody's rates Gloria Foods Baa3

Moody's Investors Service said it assigned a Baa3 issuer rating to Gloria Foods Jorb SA.

The outlook is stable.

"The Baa3 rating is driven by Gloria's leading and dominant position in the dairy market in Peru, which accounts for 60% of the company's total sales and generates close to 75% of consolidated EBITDA, its historically solid and stable credit metrics and its broadly diversified portfolio of branded packaged food products," Moody's vice president Veronica Amendola said in a news release.

The rating is also based on expectations that the company will be able to maintain leading market positions in most of the countries where it operates despite competing with well-known, global companies, the agency said.

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