PARIS (Dow Jones) – The credit rating agency Fitch Ratings said Wednesday it raised her perspective on the credit rating of Carrefour (CA . FR) from “stable” to “positive”, but maintained the issuer default rating of long-term distribution group to “BBB”.
The “positive” outlook reflects the recovery Carrefour’s activities in France in 2013, marked by a significant improvement in operating margin and better positioning in terms of price and a rapid debt reduction over the past two years and increased financial flexibility, Fitch said in a statement.
The agency does not expect that net debt Carrefour continues to decline significantly over the next two years, following the sale of non-strategic assets and while the group enters a phase of investment in its stores. Fitch expects however that the French group is able to generate sustainable growth in sales and profits through increased investment spending. These factors could justify an increase in the credit rating of the group to “BBB +” in the next 12 to 18 months, said Fitch
-Dow Jones Newswires.; +33 (0) 1 40 17 17 75; djbourse.paris @ dowjones.com
(END) Dow Jones Newswires
April 23, 2014 8:49 ET (12:49 GMT)
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