Casino: Moody's downgrades outlook to negative
(CercleFinance.com) - Moody's announced on Thursday that it has lowered the outlook on its "B3" rating for French retailer Casino to "negative".
The financial rating agency justified its decision by the decline in the retailer's profitability over the first six months of the year, and more particularly by the negative cash flow generated by the French branch.
In a statement, Moody's said that the group's profitability could remain problematic over the next 12-18 months, with cash flow still negative in France.
Copyright (c) 2022 CercleFinance.com. All rights reserved.
The financial rating agency justified its decision by the decline in the retailer's profitability over the first six months of the year, and more particularly by the negative cash flow generated by the French branch.
In a statement, Moody's said that the group's profitability could remain problematic over the next 12-18 months, with cash flow still negative in France.
Copyright (c) 2022 CercleFinance.com. All rights reserved.