S&P cuts Auchan Holding

S&P said it lowered its long- and short-term issuer credit ratings on Auchan Holding to BBB-/A-3 from BBB/A-2 and the issue rating on its senior unsecured debt to BBB- from BBB.

The outlook is negative.

“The downgrade and negative outlook reflect our view of Auchan's weakened competitive standing in some of its most important markets, particularly in France, Russia and Italy. It also reflects our anticipation that the group's transformation plan will take longer and entail larger restructuring costs than we anticipated,” S&P said in a news release.

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