Fitch lowers Lotte Shopping

Fitch Ratings said it downgraded Lotte Shopping Co. Ltd.’s long-term issuer default rating and senior unsecured rating to BBB from BBB+.

The outlook is stable.

The downgrade reflects Lotte’s weakened financial profile as a result of delayed recovery in its domestic and overseas operations, ongoing aggressive store expansion and unfavorable regulatory measures, Fitch said.

The stable outlook reflects an expectation that Lotte’s overall business and financial profile will remain consistent with this rating level over the next 12 to 18 months, the agency said.

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