(Boursier.com) — Moody’s has just downgraded the CFR rating from Casino from ‘Caa1’ to ‘Caa3’ and from ‘Caa1-PD’ to ‘Ca-PD’ the probability of default rating (PDR). The agency explains that this decision reflects the very high probability of default (in the form of a distressed exchange, which, according to Moody’s definition, constitutes a default) following the opening of a conciliation procedure. between the company and its creditors to negotiate debt restructuring. Given the company’s unsustainable capital structure and low liquidity, Moody’s believes that a debt restructuring is now very likely and that creditors will suffer losses… The outlook remains ‘negative’.
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