S&P ups Hypermarcas to BB/brAA-

Standard & Poor's said it raised its global scale corporate credit and debt ratings on Hypermarcas SA to BB from BB- and its national scale corporate credit and debt ratings to brAA- from brA.

The outlook is stable.

S&P said the upgrade reflects Hypermarcas' improving operating efficiency and profitability through the consolidation of its industrial plants and restructured operations following a period of several large acquisitions. The company has also reduced its foreign currency exposure through the repurchase of part of its bonds by the end of 2013.

These improvements have translated into higher cash flow generation and, as a result, lower leverage metrics, the agency said.

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