Casino rescue refi package runs into rating trouble

Casino supermarket
By Owen Sanderson
24 Oct 2019

Moody’s downgraded the corporate rating of overleveraged French supermarket group Casino Guichard-Perrachon during a crucial refinancing. The group is already offering a generous spread on its new term loan, which it has to execute in order to unlock up to €2bn of revolving bank debt.

Casino Group’s holding company, Rallye, entered creditor protection arrangements earlier this year, prompting it to insist that there were no credit concerns about the operating company. But investors still sold out of its subordinated debt and remain worried about a debt stack of around €7.2bn.

On Tuesday, Casino ...

Please take a trial or subscribe to access this content.

Contact our subscriptions team to discuss your access: subs@globalcapital.com

Or sign up for a trial to gain full access to the entire site for a limited period.

Free Trial

Corporate access

To discuss GlobalCapital access for your entire department or company please contact our subscriptions sales team at: subs@globalcapital.com or find out more online here.