Moody's assigns a B3, A2.ar to Electronica Megatone

Moody's Latin America said it assigned a B3 global scale rating and an A2.ar Argentina national scale rating to Electronica Megatone SA's proposed ARS 50 million local bond issuance.

At the same time, Moody's said it affirmed the company's corporate family rating of B3 on its global scale and A2.ar on the Argentina national scale rating.

Proceeds from the notes will be used principally for the company's working capital needs, to refinance outstanding short-term debt and for general corporate purposes.

The outlook is stable.

The B3 and A2.ar ratings are supported by the company's position as one of the main dedicated consumer electronics and appliance retailers in Argentina, operating under the Megatone brand name. Key credit negatives include the company's retail finance model, with significant credit exposure to consumer loans extended through Megatone's own financing source, the agency said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.