Moody’s shifts El Corte Ingles view to negative

Moody’s Investors Service said it revised the outlook to negative from under review and confirmed El Corte Ingles, SA’s Ba1 long-term corporate family rating and Ba1-PD probability of default rating.

Concurrently, Moody’s confirmed El Corte Ingles’ €690 million senior bond Ba1 rating.

This concludes the review for downgrade started on April 3, the agency said.

“The negative outlook reflects the high uncertainty around the sales and earnings recovery of the company and the uncertainty around the company’s ability to reduce leverage to 4x in the next 12 to 18 months,” Moody’s said in a press release.

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