S&P pares Pronovias

S&P said it lowered its ratings for CatLuxe Sarl (Pronovias) to CCC+ from B-, citing the effect of the global pandemic on European retailers.

“Pronovias will see a significant sales decline over the next few months following store shutdowns to contain the spread of Covid-19. The Covid-19 outbreak across Europe has led many governments to take hard measures to contain the spread. Restrictions on social interactions and shutdown of stores will have a material impact on the bridal wear market,” said S&P in a press release.

“The agency said it expects couples to delay weddings to later this year or to 2021 and a significant number of them to complete purchase orders if they can afford it.

The outlook is negative.

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