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Fitch whittles Whitbread
Fitch Ratings said it downgraded Whitbread plc’s long-term issuer default rating and senior unsecured rating to BBB- from BBB.
The downgrade reflects a more severe impact and a longer recovery path for travel, hospitality and leisure activity from the pandemic. We expect demand to progressively recover from FY22 (financial year-end to February) onwards, but the recovery pace is still uncertain amid Brexit, in addition to increased execution risks around the group’s German expansion. Under our revised scenario Whitbread’s credit metrics are no longer compatible with a BBB rating,” Fitch said in a press release.
The outlook is stable.
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