Fitch upgrades Kingfisher

Fitch Ratings said it upgraded Kingfisher plc's issuer default rating and senior unsecured instrument rating to BBB from BBB-.

“The upgrade reflects our view that the strong level of earnings achieved during the pandemic can be materially sustained, firmly positioning Kingfisher to maintain credit metrics that are commensurate with a BBB rating over the next four years. The build-up of a large cash buffer since the onset of the pandemic provides the means to address historical weaknesses while resuming shareholder remuneration,” Fitch said in a press release.

The agency noted Kingfisher’s consolidated revenues for the fiscal year ended Jan. 2021 rose 7.2%.

The outlook is stable.

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