Research And Markets Research And Markets

Industry Report Card: European Retail Apr 03

  • ID: 1871225
  • April 2003
  • Region: Europe
  • Standard & Poors
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  • Alliance Boots Ltd.
  • Carrefour S.A.
  • Focus Retail Group Ltd.
  • Kering S.A.
  • Marks & Spencer PLC
  • Signet Jewelers Ltd.
  • MORE

Despite the inherent defensiveness of European food retail, most rating actions have continued to be negative in the past quarter. The main rating action has been Netherlands-based Ahold Koninklijke N.V.'s (BB+/Watch Neg/B) downgrade to high-yield status, following the disclosure of accounting irregularities. Furthermore, the ratings on Ahold have been placed on CreditWatch with negative implications. Standard & Poor's is closely monitoring Ahold's liquidity position, which is now the key driver of the ratings, and would take further negative rating actions if Ahold does not maintain appropriate leeway in respect of its liquidity. The other main rating actions have concerned U.K.-based food retailers and mainly derive from the ongoing takeover battle for Safeway PLC (BBB+/Watch Dev/A-2), the U.K.'s fourth-largest player. Although...

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Research Type: Commentary
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Note: Product cover images may vary from those shown
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- Alliance Boots Ltd.
- Marks & Spencer PLC
- J Sainsbury PLC
- Kingfisher PLC
- Signet Jewelers Ltd.
- Wuerth GmbH & Co. KG Adolf
- Casino Guichard - Perrachon & Cie S.A.
- Koninklijke Ahold N.V.
- Migros Genossenschaftsbund
- Kering S.A.
- TM Group Ltd.
- Safeway PLC
- Carrefour S.A.
- Experian Finance PLC
- Corporate Express N.V.
- Tesco PLC
- Metro AG
- Focus Retail Group Ltd.
- Koninklijke Vendex KBB N.V.
- Big Food Group PLC (The)
- Groupe Auchan S.A.
- Brake Bros Ltd.

Note: Product cover images may vary from those shown
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Note: Product cover images may vary from those shown