What: Ripley Corp’s credit rating was upgraded to A+ after stronger real estate, banking and retail performance improved its financial profile.
Why it is important: The upgrade shows how diversified retail groups can use real estate, banking and digital growth to stabilise cash flow and strengthen investor confidence.
Ripley Corp has strengthened its financial position after rating agencies Humphreys and Feller Rate upgraded its credit and bond ratings to A+. The upgrade reflects improved credit indicators, with net financial debt to EBITDA falling from 5.4 times to 2.6 times in one year and financial expense coverage rising from 1.9 times to 3.3 times. Both agencies pointed to a structural improvement in cash-flow generation, supported by Ripley’s diversified model across retail, banking and real estate. The real estate business was a key driver, with Mall Aventura in Peru reporting an EBITDA margin of 88.8% and 98.4% occupancy, while Grupo Marina in Chile reached an 86.8% EBITDA margin and 99.6% occupancy, excluding offices. Banco Ripley Chile also resumed dividend payments in 2025 after a two-year pause, adding liquidity and reducing exposure to the retail cycle. In retail, operational efficiency improved margins, while digital sales reached 23.9% of revenue in the first quarter of 2026.
IADS Notes: Ripley Corp’s A+ rating upgrade confirms the value of a diversified Latin American retail holding model built around retail, banking and real estate. In August 2026, Perú Retail reported that Humphreys and Feller Rate upgraded Ripley after net financial debt to EBITDA fell from 5.4 times to 2.6 times and financial expense coverage improved from 1.9 times to 3.3 times, supported by stronger cash flow from real estate, banking dividends and retail efficiency. This follows Perú Retail’s March 2026 coverage of Ripley’s record 2025 profits, when earnings rose 120% thanks to growth across retail, banking and real estate, with Peru playing a key role. Modaes reported in December 2025 that Ripley’s sales rose 5.7% and profits more than doubled through September, already showing the benefits of its multi-segment model. The June 2026 Modaes report on Ripley’s weaker first quarter adds contrast: even as Chilean retail sales suffered from lower tourism, banking, Peru and marketplace growth helped offset pressure. The pattern mirrors Falabella’s April 2026 investment-grade recognition, where financial discipline, omnichannel growth, banking and real estate strength also supported investor confidence.

Ripley improves its financial rating after strengthening its businesses in Peru and Chile