Fitch Ratings upgrades Cencosud's rating to "BBB" for the first time in its history, with a stable Outlook

Santiago, July 15, 2022.- The rating agency Fitch Ratings improved Cencosud's ratings, in foreign and local currency, including its unsecured senior debt, raising it to "BBB" for the first time in its history, with a stable outlook.

According to Fitch, this improvement in the rating reflects Cencosud's solid market position backed by its diversified geographic presence in Latin America and the United States and its operations in multiple resilient business segments, such as supermarkets and home improvement.

Fitch views positively the company's progress in margins and cash flow generation across all business units while the Company maintains a solid cost structure.

Furthermore, the rating agency emphasizes that for the supermarket segment it expects solid results, primarily driven by growth from recent acquisitions of GIGA Atacado in Brazil and The Fresh Market in the United States.

This new classification is very important for the Company as it reflects the vote of confidence based on the current strategy and the strong management that has been developing for several years.