...Fitch Ratings affirmed El Puerto de Liverpool, S.A.B. de C.V.'s Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) at `BBB+', Long-Term National Rating at `AAA(mex)' and Short-Term National Rating at `F1+(mex)' on Aug. 2, 2019. The Outlook for the IDRs was revised to Positive from Stable. The Positive Outlook reflects Liverpool consistently achieving Fitch's rating triggers for a positive rating action, which include maintaining strong cash flows, consolidated adjusted debt/EBITDAR below 2.5x, a retail-only gross adjusted (for captive finance) leverage consistently below 1.5x, and positive FCF throughout the business cycle. The Outlook incorporates the degree of uncertainty regarding Mexico's macroeconomic and political environment and its effect on consumption in the short to medium term. The Positive Outlook can be favorably resolved in 12¡24 months if Liverpool maintains consistency in these triggers, while a revision to Stable could result from a downgrade in Mexico's...
