Moody’s Uruguay improved the company’s risk rating Gralado SA, which operates the bus terminal of Montevideo Tres Cruces, of the attached shopping center that bears the same name and the parking lot. The improvement occurred both in the rating of issuer in local currency as in the Actions of the company.
In the first case, the note went from A.uy to AA-oops, with stable perspective; while in the second, it improved from 3.uy to 2.oops.
In its report, the rating agency Moody’s points out that the improvement in the credit rating is due to the greater predictability on the generation of future flows of Gralado, based on the concession exemption of the bus terminal until 2041. Added to this is the recovery of visits and sales of the shopping Tres Cruceswhich has also contributed to consolidating the company’s financial position.
Regarding credit strengths, the high occupancy rate of its leasable area stands out, which translates into a source of income consistent.
Likewise, the report states that “the company presents solid profit margins and a high level of predictability in the generation of cash flow, which makes it possible to face the challenges with greater ease. financial obligations”.
A strong macroeconomic plan
In September, the general manager of Moody’s, Daniela Valenzuela, maintained that Uruguay It has a robust plan of prudential macroeconomic tools that were implemented since the 2000 crisis; which is complemented by the way in which politics is handled in the country, based on mutual agreements between the opposition and the ruling party.
On the other hand, “the willingness and capacity of the current government to approve reforms that address the macroeconomic imbalancesincluding a reform of the social security system, “They are positive in credit terms.” Although, there are still challenges related to credibility around monetary policy, “due to the difficulty that the authorities have faced in meeting inflation goals.”
From Moody’s, established the general manager, they consider that “Uruguay will continue to be supported by comparatively large fiscal reserves and external buffers, as well as asset management practices. actives and pasives Very strong”. In that sense, they hope that the current government’s measures to reduce the fiscal deficit help stabilize doubt metrics for the next three years.
“The credit challenges They include structural rigidities in the composition of government spending and a relatively high, although decreased, proportion of government debt in foreign currency and dollarization of the financial system,” Valenzuela added.
Source: Ambito
