Marisa sells tax credits to asset manager

Marisa sells tax credits to asset manager

Corporate & Sovereign Strategy Debt Brazil Capital Markets

Brazilian women's clothing retailer Marisa Lojas said Thursday that it earned BRL100 million ($18.9 million) from the sale of tax credits to local asset management firm Quadra Gestão de Recursos. Marisa received the credit rights after winning a lawsuit against the calculations of the PIS and Cofins federal taxes and the ICMS state tax, it said in a securities filing. Retailers often sell tax credits to raise money to pay down debt, according to analysts. "Since the beginning of the year and on

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