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Moody's assigns SMU notes B2
Moody's Investors Service said it assigned a provisional B2 corporate family rating to SMU SA and a B2 to its proposed up to $300 million senior unsecured notes.
The outlook is stable.
"SMU's (P)B2 rating is based on its initial high leverage, its acquisitive growth strategy thus far combined with negative free cash flow and limited history as an integrated company," Moody's vice president and senior credit officer Soummo Mukherjee said in a news release.
"At the same time, the rating is supported by the company's strong market position in the Chilean food retail market, the positive growth fundamentals for food retail in Chile and Peru, as well as the company's shareholder support and experienced management team," Mukherjee added in the release.
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