Moody's lowers House of Fraser

Moody's Investors Service said it downgraded the corporate family rating and probability of default rating of Highland Group Holdings Ltd., the parent holding company of House of Fraser Ltd., to B3 from B2.

Concurrently, the rating agency downgraded the rating on the £250 million of senior unsecured notes issued by House of Fraser (Funding) plc, a wholly owned subsidiary of Highland Group Holdings Ltd., to Caa1 from B3.

The outlook is stable.

"Today's rating action reflects House of Fraser's inability to improve profitability and to achieve credit metrics that we consider to be appropriate for the B2 rating," Moody's Vice President, senior Analyst and lead analyst for House of Fraser Anthony Hill said in a news release.

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