S&P lowers Victoria

S&P said it lowered to B from B+ the long-term issuer credit rating on Victoria plc. At the same time, S&P lowered the issue rating on Victoria's €750 million bond to B, with the recovery rating unchanged at 3 (rounded recovery estimate: 55%).

The outlook is negative.

“The negative outlook reflects our expectation that consumer demand will likely remain weak leading to slower deleveraging than previously anticipated. Due to the uncertainty around the recovery of operating environment, we believe there is elevated downside risk if volume prospects, top-line growth, or overall industry dynamics do not improve in fiscal 2025,” S&P said in a news release.

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