Fitch assigns Future Retail final CCC+

Fitch Ratings said it trimmed Future Retail Ltd. a final long-term issuer default rating of CCC+. At the same time, the agency lowered the company's $500 million of 5.6% senior secured notes due in 2025, a rating of CCC+ with a recovery rating of RR4.

“The final IDR and rating on the notes are one notch below our expected ratings of B-(EXP) assigned on April 2, 2020, due to the impact of coronavirus-related shutdowns on FRL's liquidity. We have also removed the rating watch negative (RWN) placed on the expected IDR on the same date. The final rating reflects that the majority of the cross-guarantees with fellow promoter group entity, Future Enterprises Ltd., have been extinguished,” Fitch said in a press release.

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