...El Puerto de Liverpool, S.A.B. de C.V.'s ratings reflect the company's leading business position in Mexico, geographic diversification within the country and different store formats, all of which support its consistently positive operating cash flow generation and ample financial flexibility. In addition, its consumer finance division and real estate portfolio strengthen its existing retail operations. For the first six months of 2018, sales through the company's own credit cards accounted for approximately 46% of retail revenue. The materialization of synergies with the acquired Suburbia retail chain, a recovery in EBITDA margins to pre-acquisition levels of around 16% and a continued deleveraging path would be viewed as positive for credit quality....
