Morrisons' Momentum Continues With Moody's Ratings Upgrade
UK retailer Morrisons has continued its promising start to 2018 with the news that ratings agency Moody's has upgraded the retailer to a Baa2 rating (from Baa3).
The move follows strong Christmas and New Year sales at the retailer, which posted a 2.8% increase in sales over the ten week period to 7 January, with retail contributing 2.1% to this figure.
"Our decision to upgrade the ratings of Morrisons reflects a sustained period of improving operational performance by the company and a stronger credit profile," commented David Beadle, a Moody's Vice President - Senior Credit Officer and lead analyst for Morrisons.
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