Casino Group: Casino Group takes note of Moody's decision and remains focused on its strategic and financial objectives for 2...
02 Avril 2019 - 7:13PM
Casino Group
takes note of Moody's decision and remains focused on its strategic
and financial objectives for 2019-2021
Paris, 2 April 2019,
Casino Group takes note of Moody's
decision to downgrade its financial rating from Ba1 negative
outlook to Ba3 negative outlook.
The Group notes that Moody's bases its analysis on Casino's gross
debt at the end of 2018, which does not take into account either
the disposal plan or the future reduction in bond debt.
Moody's also states that the Group
is well positioned in convenience formats and online activities,
and that it has the potential to generate new sources of revenues,
particularly through its Greenyellow and 3W relevanC
subsidiaries.
In addition, Moody's positively highlights the Group's limited and
decreasing exposure to the declining hypermarket format.
This change in rating has no
impact on the availability or cost of the Group's financial
resources.
As at 31 December 2018, Casino in France had €5.0 billion in
liquidity, composed of a gross cash position of €2.1 billion and
confirmed credit lines of €2.9 billion with an average maturity of
2.4 years.
The Group, focused on the dynamic
achievement of the strategic and financial objectives announced for
2019-2021, has recently increased its asset disposal plan target by
€1 billion to at least €2.5 billion by the first quarter of 2020.
It also plans to generate, beyond and above this disposal plan,
free cash-flow in France of €500 million per year, enabling it to
cover its dividends and financial expenses.
ANALYST AND
INVESTOR CONTACTS
Régine Gaggioli - +33 (0)1 53 65 64
17
rgaggioli@groupe-casino.fr
or
+33 (0)1 53 65 24 17
IR_Casino@groupe-casino.fr
PRESS
CONTACTS
Casino Group - Direction of
Communication
Stéphanie ABADIE - sabadie@groupe-casino.fr - +33 (0)6 26 27 37
05
or
+33(0)1 53 65 24 78 -
directiondelacommunication@groupe-casino.fr
Agence IMAGE
7
Karine ALLOUIS - +33(0)1 53 70 74 84 -
kallouis@image7.fr
Grégoire LUCAS - gregoire.lucas@image7.fr
Disclaimer
This press release
was prepared solely for information purposes, and should not be
construed as a solicitation or an offer to buy or sell securities
or related financial instruments. Likewise, it does not provide and
should not be treated as providing investment advice. It has no
connection with the specific investment objectives, financial
situation or needs of any receiver. No representation or warranty,
either express or implied, is provided in relation to the accuracy,
completeness or reliability of the information contained herein. It
should not be regarded by recipients as a substitute for the
exercise of their own judgement. All the opinions expressed herein
are subject to change without notice.
2019 04 02 - Casino Group takes
note of Moody's decision
This
announcement is distributed by West Corporation on behalf of West
Corporation clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Groupe Casino via Globenewswire
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