Creditreform Rating (CRA) has adjusted the unsolicited corporate issuer rating of METRO AG (METRO) from BBB- to BB+. The outlook is stable. This change is based on a gradual deterioration of the rating-relevant key figures in recent years as well as an operationally burdened fiscal year 2019/20, which is mainly due to the negative consequences of the COVID-19 pandemic. We expect, that the operating business will not stabilize in the financial year 2020/21 in such a way as to maintain the previous rating level, as the renewed containment measures in the wake of the second major wave of infection will primarily affect the gastronomy sector, being of particular importance to METRO. Although market conditions are more difficult, we see the current rating level as stable due to the leading market position, satisfactory access to the capital market, the increasing focus on the business model and the substantial cash inflow from the sale of the hypermarket chain real and the majority shareholding of METRO China.
Creditreform Rating has carried out an unsolicited corporate rating of METRO AG.