Casino Cancels 2019 Interim Dividend On Debt-Cutting Efforts
29 Mai 2019 - 8:17AM
Dow Jones News
By Max Bernhard
Casino Guichard-Perrachon SA (CO.FR) said late Tuesday that its
board decided not to pay a 2019 interim dividend due to efforts to
cut debt and after Standard & Poor's downgraded the French
company's rating.
"The group confirms the priority given to pursuing its debt
reduction strategy and, in this context, the board of directors,
which met today, decided not to pay an interim dividend in 2019,"
it said.
Casino said Standard & Poor's downgraded its rating to B
from BB- and placed the rating on negative watch, after its parent
Rallye SA (RAL.FR) went into bankruptcy protection. The cut doesn't
affect availability or costs of Casino's existing financial
resources, it said.
Casino confirmed its financial outlook, continuing to expect
free cash flow in France before dividends and financial expenses of
at least 500 million euros ($558.9 million). It forecast trading
profit for its French retail business to grow at least 10% and
disposals of at least EUR2.5 billion by the first quarter of
2020.
Write to Max Bernhard at max.bernhard@dowjones.com;
@mxbernhard
(END) Dow Jones Newswires
May 29, 2019 02:02 ET (06:02 GMT)
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