...Rating Watch Positive: The Rating Watch Positive for Maestro Peru S.A. (Maestro) ratings follows the announcement by S.A.C.I. Falabella (Falabella) (Long-Term Local and Foreign Currency Issuer Default Rating BBB/Stable) that it purchased Maestro for approximately USD492 million. Maestro has become a fully owned subsidiary of Sodimac Peru, which is an indirect wholly owned subsidiary of Falabella. The Rating Watch Positive takes into account the credit linkage between the two companies post acquisition, which stems from the legal, operational and strategic synergies between Falabella and Maestro. Sustainable Market Position: Maestro and Sodimac Peru are the two largest home improvement specialty retailers in Peru, with combined annual sales on a pro forma basis of more than USD1 billion and combined market share in the modern channel industry of around 85% as of June 30, 2014. Fitch Ratings positively views the solid medium-term fundamentals of Peru's home improvement industry, reflected...
