Moody’s Drops SMU to C-Level

Moody’s Drops SMU to C-Level

Chile Corporate & Sovereign Strategy

Moody’s has downgraded SMU to Caa1 from B3, it says, concluding a review period for the troubled Chilean retailer. The move is driven based on “continued weaker than expected operating results that led to expected leverage being no longer commensurate with the single-B rating category, despite the recent completion of the $300m equity injection from its main shareholder,” the agency says. The Alvaro Saieh-controlled borrower faces “very high” leverage, perceived execution challenges to turnaroun

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