Moody's: Dixons negative

Moody's Investors Service said it affirmed the B1 long-term ratings of Dixons Retail plc, including its corporate family rating, probability of default rating and senior unsecured rating.

The outlook is changed to negative from stable.

Moody's said the change in outlook reflects its view that metrics are likely to remain weakly positioned versus its previous guidance for the current rating category at least over the medium term, notably for gross adjusted debt to remain close to 6.0x and for the adjusted EBITA/interest expense ratio to remain at least at 1.5x.

As of October 2011, Moody's said it estimates these metrics to be at 6.0x and 1.2x, respectively.

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