...Deleveraging Expected to Continue: Cencosud S.A.'s adjusted gross leverage, as measured by total adjusted debt/EBITDAR, was 4.6x as of Dec. 31, 2014. The ratings incorporate the expectation that the company will continue to reduce the ratio to maintain a sustained consolidated adjusted gross leverage below 4.0x. Adequate Liquidity: Positively incorporated is the company's recent successful execution of its liability management strategy, which occurred in early February 2015 with its USD1 billion unsecured notes issuance. Further, the recently approved joint venture (JV) credit card transaction with Banco of Nova Scotia (Scotiabank) is expected to add financial flexibility. Neutral to Positive FCF: Key factors considered for continued business deleveraging during 2015¡2016 include Cencosud's management of its capex levels, working capital requirements and paid dividends. Cencosud is expected to manage its capex at levels necessary to generate adequate levels of FCF. JV Approval a Positive:...
