23.06.2014 20:49:00
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Cencosud S.A. -- Moody's: Cencosud to benefit from its joint venture agreement signed for its credit card business with Scotiabank
Buenos Aires City, June 23, 2014 -- Moody's: Last Friday, Cencosud S.A. (Baa3 negative) agreed to sell a 51% stake in its credit card businesses in Chile to Bank of Nova Scotia ('Scotiabank' - Aa2 negative (M)) for USD280M approx for 15 years. Scotiabank will also provide funding to finance 100% of the credit portfolio (USD1 billion approx). The transaction is a credit positive, considering that it aims at reducing Cencosud's debt.