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Casino: hit by Moody's downgrade

( - Casino shares are down over 5% today, hit by a downgrade by Moody's (from "B3" to "Caa1") for its corporate family rating (CFR) and from "B3-PD" to "Caa1-PD" for its probability of default rating (PDR), with a "negative" outlook.

The downgrade reflects continued market share losses in the French retail market, continued negative free cash flow in France and a reduction in French retail margins in 2022, the rating agency says.

Moody's also points to continued high debt levels, a weak liquidity profile, an increasingly difficult economic environment for food retailers in France, and Casino's greater exposure to France.

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