Groupe Casino Reiterates ‘Strategic And Financial Objectives’ Following Moody’s Downgrade
France’s Groupe Casino has reported that it remains ‘focused on its strategic and financial objectives’, following the news that Moody’s has downgraded the retailer by two notches.
Yesterday, Moody’s downgraded Casino from Ba1 negative to Ba3, with a negative outlook.
In a statement, Moody’s reported, ‘The free cash flows generated by Casino’s French operations fell well below Moody’s previous expectations, limiting the company’s ability to reduce its gross debt despite large asset disposals.’
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