Moody's rates Automotores Gildemeister notes Ba1

Moody's Investors Service said it assigned a Ba1 rating to the reopening of the $300 million of 8¼% senior unsecured notes due May 24, 2021 issued by Automotores Gildemeister SA. At the same time, Gildemeister's Ba1 corporate family rating was affirmed.

The outlook is stable.

"Gildemeister's Ba1 rating reflects Moody's expectation that the company will be able to continue to benefit from the still attractive fundamentals of the Chilean and Peruvian automotive retail markets despite the deteriorating global economic outlook and maintain its position as one of the leading automotive distributors and retailers in its markets driven by the strong consumer reception to Hyundai's current product offerings," said Filippe Goossens, senior vice president and local market analyst of Moody's, in a news release.

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