Spanish retail giant El Corte Inglés has announced that it has acquired an 'investment grade' rating from Standard & Poor's for its bond issue, launched in October 2018.
Standard & Poor's carried out an annual review before raising the rating of the bond to BBB-.
The new positioning reflects the evolution of the price of the bond, which has been progressively approaching the investment grade, the company said.
'A Positive Assessment'
The decision to upgrade the ratings was influenced by a positive assessment of the company's management by the market, which was in turn based on a reduction in debt, an improvement in margins, and a positive outlook for the future.
Standard & Poor's also raised the corporate note to BB+ with a 'positive outlook', placing it just one step away from investment grade.
© 2019 European Supermarket Magazine – your source for the latest retail news. Article by Dayeeta Das. Click subscribe to sign up to ESM: European Supermarket Magazine.
