PARIS (Reuters) – Credit rating agency S&P Global has downgraded Casino’s credit rating from “CC” to “D”, saying in a statement on Thursday that the French group had failed to honor the coupon due in mid-July on certain obligations, despite the 30-day grace period granted to him.
S&P Global also said it had suspended its rating at the request of the retail group.
“Casino failed to honor the coupon due mid-July for its €400 million 2026 bond, despite the grace period granted to it (…), which for us constitutes a default “S&P Global said.
“We believe that (Casino) will fail to meet all, or substantially all, of its other obligations as they come due. We therefore consider Casino’s default to be a virtual certainty and lowered all our grades (…) to ‘D’.”
Faced with heavy debt, Casino reached an agreement in principle with its main creditors at the end of July on the restructuring of its debt.
This agreement should allow the opening of an accelerated safeguard procedure in October and the effective completion of all restructuring operations during the first quarter of 2024.
(Written by Camille Raynaud)
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