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Moody’s downgrades Debenhams
Moody’s Investors Service said it downgraded the long-term corporate family rating of Debenhams plc to Caa1 from B2.
Concurrently, Moody's downgraded the probability of default rating to Caa1-PD from B2-PD and the senior unsecured ratings on the £200 million notes due in 2021 to Caa1 from B2.
The outlook is stable.
“Downgrading Debenhams to Caa1 reflects the challenges it faces to improve its credit quality during 2019 in order to achieve a timely and cost-effective refinancing of its current debt facilities,” David Beadle, Moody's vice president, credit officer and lead analyst for Debenhams, said in a news release.
“In the meantime, however, we expect the company to at least stabilise profitability, materially improve net cash generation, and for its liquidity to remain adequate.”
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