Fitch revises Maxeda outlook to negative

Fitch Ratings said it revised Maxeda DIY Holding BV's outlook to negative from stable and affirmed its senior secured notes due 2026 at B+.

The revision of the outlook reflects our expectation that the deterioration of the macroeconomic environment in Belgium and the Netherlands will affect the company's sales volumes and margins in FY24 (year-end January 2024) and could lead to higher working capital. This could limit its de-leveraging capacity and exhaust its rating headroom. We forecast total adjusted debt/EBITDAR to remain high for the rating over FY23-FY25,” Fitch said in a press release.

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