Fitch snips Very Group to B-

Fitch Ratings said it downgraded the Very Group Ltd. to B- from B. The agency also downgraded the Very Group Funding plc's senior secured notes to B- from B. Fitch removed both ratings from rating watch negative.

“The downgrade of the Very Group reflects our view that refinancing risks have increased in view of maturities in 2022. Its highly leveraged balance sheet prior to the outbreak of the coronavirus pandemic reduces its ability to meaningfully deleverage prior to refinancing while navigating an uncertain trading environment ahead. While the group's liquidity position has improved since June-2019 due primarily to shareholder support, we still view liquidity as limited. due to the remote prospects for a more permanent repayment of the fully drawn revolving credit facilities (RCFs) prior to refinancing,” Fitch said in a press release.

The outlook is stable.

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