The Casino Group takes note of Standard & Poor’s decision and remains focused on its strategic and financial objectives for 2019-2021
Paris, 20 April 2019,
The Casino Group takes note of Standard & Poor’s decision to downgrade its financial rating from BB negative outlook to BB- negative outlook.
This change in rating has no impact on the availability or cost of the Group's financial resources.
As at 31 December 2018, Casino had €5.0 billion liquidity in France, 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 its 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.
As a reminder, Casino has been rated Ba3 negative outlook by Moody's since April 2, 2019.
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.
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