January 1, 2022
In January 2022, ICR Chile ratified Forus' A+ credit rating and modified its trend from Stable to Positive. ICR informed that this decision was made based on Forus' financial strength, which they previously categorized as "Superior" and now upgraded to "Exceptional". And added: "Even though we are considering that the high level of demand that was generated from the injections of resources to Chilean families in the context of the pandemic would contract in 2022, we estimate that in the case of Forus, this would not imply a greater credit risk given the company’s very low level of obligations that has implied a continuous trajectory of negative net financial debt". The report recognizes Forus’ high level of cash generation, the closure of underperforming stores, advances in omnichannel and the integration of the Under Armour brand.