Fitch Raises Hypermarcas

Fitch Raises Hypermarcas

Brazil Corporate & Sovereign Strategy

Fitch has upgraded Brazil’s Hypermarcas to BB+ from BB, it says, after the consumer products retailer showed improved metrics. The agency cites Hypermarcas’ improving profitability and credit metrics this year and the expectation that this trend should continue. It expects net leverage of 2.5x by the end of 2014, down from 3.1x at the end of 2012 and an expected 2.8x at the end of this year. “The pharma business resilience and Hypermarcas’ low ticket and less discretionary consumer portfolio are

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