Fitch affirms Ocado Group

Fitch Ratings said it affirmed Ocado Group plc's long-term issuer default rating at BB- with negative outlook.

The agency said the affirmation follows an announcement by Ocado to partner its U.K. retail operations in a 50/50 joint venture with Marks and Spencer Group plc (BBB-/stable).

“Today's rating affirmation at BB- reflects our view that the proposed JV will be overall credit-positive for Ocado, by providing strategic clarity on its maturing U.K. operations beyond 2020 (when the original Waitrose agreement is due for review) and raising sufficient funds to support the international growth of its solutions business,” Fitch said in a news release.

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