S&P changes Casino Guichard-Perrachon view

S&P said it revised to negative from stable its outlook on Casino Guichard-Perrachon SA.

At the same time, the agency affirmed the BB+/B long- and short-term issuer credit ratings and affirmed the issue-level ratings on Casino's senior unsecured notes at BB+.

The recovery rating is 4, indicating an expectation of average (30%-50%, rounded estimate 45%) recovery in the event of a payment default.

Additionally, S&P affirmed the issue-level rating on Casino's hybrids at B+, reflecting the three-notch difference from the long-term issuer credit rating.

“Our outlook revision mainly reflects Casino's high debt, with leverage remaining higher than we had expected for the second year in a row,” the agency said in a news release.

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