Moody’s has downgraded Maestro Peru to Ba3 from Ba2, it says. The action is based on the home improvement retailer’s continued high leverage and increasingly pressured liquidity in 2013, as the company executes a “relatively aggressive” expansion plan. Same-store sales and overall Ebitda growth were weaker than expected. The agency finds Maestro’s 5.8x total debt-to-Ebitda level as high for its category. Supporting the rating are the favorable macroeconomic conditions in Peru, a robust housing market and increasing penetration of the larger retail chains in a highly fragmented market, Moody’s says. The outlook is negative. Maestro is now rated Ba3/B+.