Moody's rates Garbarino bonds B2, Al.ar

Moody's Latin America said it assigned a B2 local currency rating and an A1.ar Argentina national-scale rating for the proposed issuance of ARS 30 million in domestic market bonds by Garbarino SA.

At the same time, Moody's said it affirmed Garbarino's B2 local currency corporate family rating and A1.ar Argentina national-scale rating.

The notes will rank pari passu with all of Garbarino's obligations.

The proceeds from the issuance will be used for working capital purposes, capital investment needs and to refinance short-term debt, the agency added.

The outlook is stable.

"The B2 and A1.ar ratings are underpinned by Garbarino's position as one of the largest dedicated consumer electronics and appliance retailers in Argentina and the diversification of its product line, which has allowed Garbarino to increase its share of the consumer's wallet", said Moody's AVP analyst, Veronica Amendola.

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