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S&P lowers Missouri TopCo
Standard & Poor's said it lowered to B from B+ the long-term corporate credit rating on Missouri TopCo Ltd., the parent company of Matalan.
The outlook is stable.
The agency also said it lowered the rating on the £250 million senior secured notes issued by Matalan Finance Ltd. to BB- from BB, along with the issue rating on Matalan Finance's £225 million senior unsecured notes to CCC+ from B-.
The downgrades reflect the deterioration in Matalan's operating performance in a challenging United Kingdom retail market, S&P said.
The agency said it foresees a difficult trading environment continuing over the medium term.
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