Fitch rates Americanas BB, BB+, notes BB

Fitch Ratings said it published the BB foreign-currency issuer default rating and the BB+ local-currency IDR of Lojas Americanas SA.

Concurrently, the agency assigned a BB rating to Americanas’ proposed senior unsecured global notes due in 2030, at benchmark size. The notes will be issued through its wholly owned subsidiary, JSM Global Sarl and will be guaranteed by Americanas.

“The ratings reflect Americanas’ large business scale in the Brazilian retail industry and strong competitive position, which has allowed the company to report a long track record of heathy operating cash flow generation through several economic cycles,” Fitch said in a press release.

Proceeds will be used to lengthen the company’s debt profile.

The outlook for the local-currency IDR is stable. The outlook for the foreign-currency IDR is negative, based on the outlook for Brazil, Fitch said.

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