S&P rates El Puerto de Liverpool notes mxAAA

S&P said it assigned its long-term mxAA national scale issue-level rating to El Puerto de Liverpool SAB de CV’s proposed senior unsecured notes for up to Ps5 billion due 2029. The new notes have a 10-year tenor, fixed coupon rate, and bullet amortization of principal.

“The rating on the proposed notes is at the same level as the issuer credit rating, reflecting our view that there’s no subordination risk present in Liverpool’s capital structure, because the notes will rank pari passu in right of order and payment with the rest of the company’s existing debt,” said S&P in a press release.

Proceeds will be used for general corporate purposes.

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