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Casino: another downgrade from Moody's

( - On Wednesday Moody's Investors Service announced that it had again downgraded its credit rating on Casino shares, anticipating a "very high" probability of default by the retailer.

The financial rating agency lowered its corporate family rating (CFR) on the group from "Caa1" to "Caa3", with the outlook remaining "negative".

Moody's said that it is concerned about the repercussions of last week's announcement of the opening of a conciliation procedure with creditors.

Given the company's unsustainable capital structure and low cash position, Moody's believes that a debt restructuring is now highly likely and will result in losses to bondholders, the agency said.

Moody's already lowered its credit ratings on the group at the end of March.

Following this announcement, Casino shares fell by 3.3% on the Paris Bourse on Wednesday, bringing their YTD slump to over 42%.

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