S&P pulls Next from watch

S&P said it affirmed its BBB- rating for Next plc and removed it from CreditWatch with negative implications where it was placed on March 31.

“We base our rating actions on Next’s resilient results, which are supported by the strength of its online platform and its focus on cost management and cash preservation. Sales deteriorated sharply, by 54%, during the U.K.’s lockdown period at the end of March 2020. The drop in sales has started to reverse as stores have reopened and online operations resumed,” S&P said in a press release.

The agency noted it expects Next’s credit measures to remain under pressure.

The outlook is stable.

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