Standard & Poor's demotes X5 Retail Group

14 February 2011 (09:27)

The international rating agency demoted the long-term credit rating of X5 Retail Group N.V. – the proprietor of a major retail grocery chain – and its daughter enterprises from BB- down to B+. the rating outlook is Stable.

The rating of the company’s priority unsecured ruble bonds (issued by the daughter enterprise X5 Finance) was reduced from BB- to B+ and placed on CreditWatch with Negative outlook. What’s more, the ratings of X5 Finance and Agrotorg were called off altogether.

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