S&P slices Future Retail

S&P said it downgraded the preliminary ratings on Future Retail Ltd. and its $500 million of senior secured notes to CCC- from B-. The ratings remain on CreditWatch with negative implications.

“We lowered the ratings on Future Retail because we believe that the company's liquidity position has weakened, exacerbated by the extended lockdown in India due to Covid-19. The India-based retailer's ability to meet its upcoming financial obligations is dependent on an improvement in business conditions or access to additional lines of credit,” S&P said in a press release.

The company's first coupon payment on its senior secured notes is due on July 22.

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