S&P downgrades Metro

Standard & Poor's said it revised the long-term corporate credit rating on Metro AG to BBB- from BBB.

The agency also said it lowered the short-term corporate credit rating on the company to A-3 from A-2.

The outlook is stable.

The downgrades reflect a continuing trend of lower-than-expected profitability, S&P said.

The company is dealing with intense competition and challenging macroeconomic conditions in some of the European countries in which it operates, the agency said.

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