No one can not deny the tradition forged by three centuries of history, the French Academy, “unpredictable before the vote, after inexplicable” as the saying goes. However, it is more questionable when it is used to guide decisions of rating agencies. Standard & amp; Poor’s beautiful explain the one notch downgrade of the Casino’s credit rating by changes in methodology, the result they lead – a downgrade of the grocer’s club-rated bonds – is against-intuitive to the realization announced by the group a few hours later, the sale of its stake in its Thai subsidiary. The receipt of cash of 3.1 billion euros does not lie the name of the brand, including Big C. In its loans, it reduces to 3.3 billion euros consolidated net debt of the group , reduced to 2.8 billion, before the disengagement, ongoing, Vietnam. This could bring additional 1 billion, ignored by S & amp; P in its calculations so far. In total, there would not be on the shelves Casino balance that 2.2 billion of net debt, less than 0.9 times Ebitda expected by analysts this year. The lightness of this ratio seems to weigh much less heavy in the eyes of S & amp experts; P as their own changes in equity derivatives, capitalization of leases, and treatment of the cash surplus of subsidiaries in Latin America: these offset in their estimates two-thirds of the effect of the Thai transfer. Speculators down will in any case not been inspired to follow this academy there. Since the low point of nineteen reached late January, the title was the best performance of the retail sector (42%).
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