Moody’s gives El Corte bonds Ba1

Moody's Investors Service said it assigned a first-time Ba1 corporate family rating and Ba1-PD probability of default rating to El Corte Ingles, SA.

The agency also assigned a Ba1 senior unsecured rating to the company’s proposed up to €600 million of senior unsecured bonds.

The outlook is stable.

“The Ba1 rating reflects ECI’s well-established market position and strong brand awareness in Spain as demonstrated by the company’s leadership in most of the business segments in which it operates,” Victor Garcia Capdevila, Moody’s lead analyst for the company, said in a news release.

“The rating also reflects the commitment of the new senior management team towards a more conservative financial policy than in the past.”

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.