Fitch cuts Casino, Guichard-Perrachon

Fitch Ratings said it downgraded Casino, Guichard-Perrachon SA's long-term foreign currency issuer default ratings to RD, Restricted Default, from CC following the uncured expiry of a 30-day grace period, on the coupon that was due on July 15 for its €400 million of 2026 notes.

Fitch also downgraded the rating of Casino's senior secured Quatrim bonds to CCC and of its term loan B to C from CCC+.

“The company is undergoing a conciliation procedure under French Bankruptcy proceedings. Fitch understands that the competent court has temporarily halted payments under a number of financial obligations including the above coupon. There will also be a hearing in September 2023 to rule on the granting of grace periods during the conciliation procedure. Fitch treats all missed coupon payments as a Restricted Default at the expiry of any applicable original grace period,” the agency said in a press release.

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