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S&P pulls Kingfisher from watch
S&P said it affirmed its BBB- rating for Kingfisher plc and removed the ratings from CreditWatch with negative implications where the agency placed them on April 7.
Kingfisher delivered strong like-for-like sales growth across all of its key markets between May and July, S&P said.
“We now anticipate that the group will close FY2021 with stable credit metrics, a strong cash position, and sound liquidity. Kingfisher reported a £1 billion reduction in net debt to £1.3 billion (including £2.5 billion of lease liabilities under IFRS 16) as of July 31, 2020, from the year before,” S&P said in a press release. The company achieved this via a reduction in inventory and an increase in trade payables.
The outlook is stable.
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