Fitch upgrades BUT notes

Fitch Ratings said it affirmed Decomeubles Partners SAS’s (BUT) long-term issuer default rating at B- with a stable outlook.

The agency also said it upgraded BUT’s €180 million senior secured notes by one notch to B+ with recovery rating of RR2 from B with recovery rating of RR3.

The ratings reflect the issuer’s size and strong market and brand position in the French home improvement market, Fitch said.

The agency also said it expects BUT to benefit from further consolidation, particularly with a focus on growth in the value segment and at the expense of independent retailers.

Since refinancing in 2014, BUT’s management has implemented a series of self-help measures aimed at improving the group’s operational cost base, supply chain and logistics, as well as the customer offering, Fitch said.

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