Moody's rates Almacenadora Accel

Moody's Investors Service said it assigned senior implied Baa2.mx Mexican national scale and global scale B1 ratings to Almacenadora Accel SA.

The outlook is stable.

The ratings on Almacenadora Accel SA reflect its dominant position in the Mexican warehousing sector and its track record of sound operations. Other credit strengths are the company's specialized infrastructure, its prudent risk- management policy, and the relatively well-diversified base of customers and activities.

The ratings are constrained by Accel's low and declining profitability, which mirrors a highly competitive sector. Further credit challenges include Accel's heavy cost structure - which burdens cash flow and efficiency - the limited growth opportunities in the company's core activities, and the relatively weak financial condition of its holding company.

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