HR Ratings assigned the HR AAA rating with a stable outlook for the issuance of Soriana Stock Certificates (Cebures) for up to five billion pesos (mdp), whose ticker symbol will be SORIANA 24.
He explained that this rating reflects Soriana’s long-term corporate rating that was ratified in HR AAA and also considers the refinancing of the SORIANA 20 issue for 2,700 million pesos from the SORIANA 23 placement for 3,000 million pesos.
The above, added to the generation of Free Cash Flow (FLE) that showed seven thousand 136 million pesos during the last twelve months to the second quarter of 2024, which resulted in a debt service coverage ratio of 4.6 times for the same period.
He commented that during the last 12 months, Soriana presented greater generation of income and Ebitda due to the increase in the number of stores, the preference for Soriana’s own brand, added to the offer of products and promotions.
“Due to the above, a better performance was observed within working capital mainly due to a greater movement of inventories from the summer promotions,” indicated the rating agency.
“In our projections, we consider that sales and Ebitda will maintain a growth trend as part of the increase in units and customer traffic, added to the continuity of promotional and pricing strategies,” he added.
