Groupe Casino Challenges Standard & Poor's Rating Downgrade
Groupe Casino has sought to challenge Standard & Poor's downgrade of the retailer's financial rating by one notch to BB, negative perspective.
The group said that the rating agency's assessment does not take into account an ongoing €1.5 billion disposal plan at the business, and that the rating change has no impact on the cost of Casino's bond debt, and does not affect its liquidity.
The rating change came following a share price decline sparked by a tweet by short seller Muddy Waters Research, which indicated that Groupe Casino's Finance subsidiary had not yet filed its 2017 accounts.
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