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March 11, 2008 |
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GRUPO GIGANTE: Moody's Withdraws Rating at Company's Request Standard & Poor's Ratings Services has withdrawn its ratings on Grupo Gigante S. A. B. de C.V. at the company's request, including the 'BB' corporate credit rating and the 'BB' rating on the company's US$260 million 8.75% notes due 2016. "This action follows the company's repurchase of all of its outstanding senior notes," said S&P's credit analyst Juan Pablo Becerra. In December 2007, Grupo Gigante reached an agreement with Organizacion Soriana S.A.B. de C.V. (not rated) to acquire the operation of 198 stores in Mexico and the United States. Currently the company is debt free and in the process of analyzing different strategic alternatives. Grupo Gigante SAB de CV (MXK:GIGANTE) -- http://www.gigante.com.mx/content/gigante/tienda/intro.html -- is one of Mexico's leading retailers with about 280 outlets that sell food, apparel, and general merchandise in 19 Mexican states. It also has about a half a dozen stores in Southern California. A joint venture between Grupo Gigante and RadioShack operates nearly 150 RadioShack outlets in Mexico and is growing at a rate of about 20 stores per year. The company's joint venture with Office Depot runs about 140 of those stores in Mexico and Central America. Grupo Gigante also operates 60- plus Toks restaurants. The father of chairperson Angel Losada Moreno, founded Gigante around 1940; it is controlled by the Losada family. |
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