Moody's could lower Tesco

Moody's Investors Service said it placed the Baa1 senior unsecured long-term ratings of Tesco plc and its guaranteed subsidiaries on review for downgrade.

The Prime-2 short-term ratings of Tesco and its subsidiaries were affirmed.

"We are putting Tesco's rating on review for downgrade following a 6.0% drop in the group's fiscal 2013-14 trading profit," Sven Reinke, Moody's vice president, senior analyst and lead analyst for Tesco, said in a news release. "The review will amongst other key considerations focus on the impact on Tesco's business of structural changes to the UK's retail market environment."

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