S&P lowers Groupe Auchan

Standard & Poor's said it lowered the long- and short-term corporate credit ratings on Groupe Auchan SA to A-/A-2 from A/A-1.

The agency also said it lowered the long- and short-term counterparty credit ratings on Auchan's core banking subsidiary, Banque Accord, to A-/A-2 from A/A-1.

The outlooks on both companies are stable.

The downgrades reflect the group's conservative financial policy, which creates only limited upside to its credit metrics, S&P said.

However, the company's financial policy is considered fairly prudent compared with those of most food retailers, the agency added.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.