Debenhams plc Credit Rating update (4801W)
01 Août 2018 - 11:39AM
UK Regulatory
TIDMDEB
RNS Number : 4801W
Debenhams plc
01 August 2018
1 August 2018
DEBENHAMS PLC
Credit rating update
Debenhams plc, the international department store group, notes
today's single notch downgrade of its credit rating by Moody's from
B1 to B2. This represents Moody's response to the revised profit
guidance given in June, amidst challenging trading conditions
across the retail sector. Since then, as planned, we have taken
decisive action to strengthen our financial position as we navigate
these conditions, including a review of non-core parts of our
business and continuing constructive discussions with landlords, in
addition to which we have agreed increased headroom on our fixed
charge covenant. Debenhams remains profitable and cash-generative,
and our banks are supportive as we continue to implement our
Debenhams Redesigned strategy, which will ensure Debenhams is
well-equipped to meet the future needs of our customers. We look
forward to unveiling the latest progress in the implementation of
that strategy at a capital markets event next month.
[ENDS]
Enquiries
Analysts and Investors
Katharine Wynne, Debenhams plc 020 3549 6304
Media
Tim Danaher/Helen Smith, Brunswick Group 020 7404 5959
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