Fitch revises Golden Eagle view to negative

Fitch Ratings said it revised the outlook on Golden Eagle Retail Group Ltd. to negative from stable and affirmed the long-term issuer default rating at BB. Fitch also affirmed Golden Eagle’s senior unsecured rating at BB.

“The outlook revision reflects the high impact of the coronavirus outbreak on the retail sector, and uncertainty over the timing of recovery. Golden Eagle’s core business has been interrupted, with a meaningful decline in sales in 1Q20. Fitch anticipates revenue to decline by a quarter in 2020 before returning gradually to 2019’s level by 2022,” said the agency in a press release.

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