S&P acts on European retailers, fast food

S&P said it took negative actions on four European retailers and a fast-food restaurant, citing the effects of government efforts to curtail the spread of the coronavirus and their effect on their business.

S&P downgraded FNAC Darty and its senior unsecured debt to BB from BB+ and placed the ratings on CreditWatch with negative implications.

The agency lowered its ratings on Tendam Brands and placed the ratings on CreditWatch negative.

S&P downgraded Areas ((PAX Midco Spain) to B- from B and assigned a negative outlook.

S&P also lowered Burger King France to B- and placed the B- ratings on the senior secured notes and CCC rating on the pay-in-kind notes on CreditWatch with negative implications.

The agency also changed to negative from stable the outlook on THOM Europe and affirmed the long-term issuer credit rating at B.

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