Moody's ups Almacenadora Accel view to stable

Moody's Investors Service said it affirmed Almacenadora Accel, SA's B1 long-term local-currency issuer rating and assigned a short-term local-currency issuer rating of Not-Prime. The agency also said it affirmed its long-term Mexican national scale issuer rating of Baa2.mx and assigned a short-term Mexican national scale issuer rating of MX-3.

The outlook was changed to stable from negative.

The ratings reflect Almacenadora Accel's relatively stable operating performance despite the harsh economic conditions of the past three years in Mexico, in the midst of its diversification into a new logistics business, Moody's said.

The affirmations also incorporate the potential for improving profitability and efficiency in the context of the repositioning of the business, the agency said, as well as the firm's relatively conservative capital structure.

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