Asda Debt Downgraded by Top Ratings Agency

Asda Hit By Debt Downgrade Amid Faltering Turnaround

Asda’s efforts to restore growth have been dealt another blow after its debt was downgraded deeper into junk status, threatening the struggling supermarket with higher borrowing costs. Ratings agency Fitch confirmed yesterday that it has cut its rating of Asda’s (more…) The post Asda Hit By Debt Downgrade Amid Faltering Turnaround appeared first on KamCity.

Asda debt downgraded by top ratings agency

Asda’s debt has been downgraded as its profits are forecast to slump more than anticipated. Ratings agency Fitch confirmed yesterday (24 November) it has reduced its rating of the supermarket’s holding company Bellis Finco from “B+” to “B,” as it raised concerns over its future prospects, The Telegraph reported. Fitch cautioned that profits would decline by more than previously anticipated this year, as the grocery giant invested more money into…