Fitch lifts General Shopping

Fitch Ratings said it upgraded General Shopping Brasil SA's long-term foreign and local currency issuer default ratings to CCC+ from CC and national scale rating to CCC(bra) from CC(bra).

The outlook is positive.

The agency said the actions reflect Fitch's reassessment of the company’s capital structure and liquidity position following the recent asset sale and purchase of a portion of its 10% perpetual notes.

The positive outlook reflects expectations that the company will further reduce debt levels during the following months, the agency said.

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