S&P affirms Gloria Foods

Standard & Poor’s said it affirmed its BBB- corporate credit rating on Gloria Foods – JORB SA (Gloria Foods).

The outlook remains stable.

“The rating affirmation is based on Gloria Foods’ solid revenue growth and stable operating and financial performance despite softening in the Peruvian economy, reflecting the resilient nature of the industry in which the company operates and its leading market position,” said S&P credit analyst Laura Martinez in a news release.

The rating action reflects the company’s focus on integrating and improving its international operations, including acquisitions in Colombia, which it completed at the beginning of 2014, while the company maintained its moderate use of debt, the agency said.

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