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Industry Report Card: European Retail Apr 03 Product Image

Industry Report Card: European Retail Apr 03

  • ID: 1871225
  • April 2003
  • Region: Europe
  • Standard & Poors

FEATURED COMPANIES

  • Alliance Boots Ltd.
  • Carrefour S.A.
  • Focus Retail Group Ltd.
  • Kering S.A.
  • Marks & Spencer PLC
  • Signet Jewelers Ltd.
  • MORE

Abstract
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...

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.

Note: Product cover images may vary from those shown

- 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
Note: Product cover images may vary from those shown

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