Sao Paulo, June 18, 2013 -- Moody's Investors Service notes that Cencosud S.A. (Baa3/neg) signed yesterday a binding MOU with Itaú Unibanco Holding S.A. ("Itaú", Baa1/Pos) to jointly develop the financial retail business in Chile and Argentina. The transaction is credit positive because Cencosud will use the majority of the up-front cash payment of approximately USD$ 1,580 million, to reduce debt which will improve Cencosud's liquidity and overall credit metrics. The transaction is subject to approval from the regulators in Chile, Brazil and Argentina.

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