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Carrefour: Moody's has negative outlook

( - Moody's has assigned a long-term issuer rating of Baa1 to Carrefour with a negative outlook, particularly if "the improvements we expect do not materialize over the next 12-18 months," the rating agency said.

Through its "Carrefour 2022" plan, the group has embarked on a huge transformation plan, that is beginning to bear fruit: it saved 2.4 billion euros between 2017 and 30 June 2020. Moody's estimates that its EBITDA margin will increase from 4.9% in 2019 to 5.8% in 2020.

"However, Carrefour remains under negative outlook," Moody's continues. The group will have to improve its cash in order to maintain a credit rating of Baa1. As such, Moody's expects the group to lead a cautious financial policy, with just a few acquisitions, and that it will continue to pay part of its dividends in share until its cash situation has recovered sufficiently.

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