...Strong Rating Linkage to Parent: Maestro Peru S.A.'s ratings reflect the strong operational and strategic ties between Maestro and its holding company, S.A.C.I. Falabella (BBB+/Stable). Although there are no legal guarantees on Maestro's debt obligations or cross-default provisions, Falabella has provided tangible financial support to Maestro since its acquisition in September 2014. Strong Equity Holder: Falabella is a regional retailer with operations in Chile, Peru, Colombia, Argentina, Brazil and Uruguay. Falabella has 458 stores, including department stores, home improvement stores and supermarkets, as well as 40 shopping malls. The company also has a large and solid financial services business with over 4.8 million active accounts and a loan portfolio of USD6.2 billion. The group had revenues of USD12.7 billion in the LTM ended March 31, 2016. Sustainable Market Position: Maestro maintains an established and recognized brand and is well positioned as a low-price specialist focused...
