S&P: Hornbach view positive

Standard & Poor's said it revised the outlook on Hornbach Holding AG and its main operating subsidiary Hornbach-Baumarkt AG to positive from stable.

The agency also said it affirmed the BB long-term corporate credit and senior debt ratings on Hornbach and Baumarkt.

The outlook revision reflects a view of Baumarkt's resilient trading performance, which has had a positive effect on both Baumarkt's and Hornbach's debt protection measures, S&P said.

The agency said it anticipates that in absence of debt-financed capital investments or shareholder returns, Baumarkt and Hornbach will be able to sustain their debt protection measures at levels considered commensurate with the ratings.

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