The rating agency Standard & Poor's has downgraded the long-term corporate rating of the French retailer Auchan (Auchan) and its division Banque Accord from A– to BBB + with a “stable” outlook, RNS reports citing the agency's message.
“The rating downgrade is related to the difficult economic environment in Auchan base markets in Western Europe in 2015, and reflects our view that the group will not be able to maintain or restore profitability at a historical level,” the agency reports. At the same time, the agency expects an improvement in the company's results in China and in a number of countries in Eastern Europe, but believes that this will not be able to compensate for the decline in the main markets.
"We have revised our ratings of Banque Accord, because we associate them with ratings of Auchan," the report says.
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