# French retailer Casino’s shares slump 6% after S&P downgrade Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2023-05-10 Category: NEWS Category URL: https://financedigest.com/category/news Meta Title: French Retailer Casino Shares Plunge 6% on S&P Downgrade Meta Description: Stay informed on the latest news about French retailer Casino's share price falling over 6% following Standard & Poor's downgrade. Find out more URL: https://financedigest.com/french-retailer-casinos-shares-slump-6-after-sp-downgradehtml ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/2023-05-10t070903z1lynxmpej4908vrtroptp4casino-debt-investors-1736814039645-compressed.jpg) # French retailer Casino’s shares slump 6% after S&P downgrade PARIS (Reuters) -Shares in French retailer Casino fell more than 6% on Wednesday after Standard & Poor’s cut its long-term credit and placed all its ratings on credit watch, citing restructuring risk and weak liquidity. With about 3 billion euros ($3.3 billion) of debt maturing in 2024 and 2025, Casino has been selling assets to meet repayment obligations. The company, headed and controlled by veteran entrepreneur Jean-Charles Naouri, is striving to find a way out of its financial woes and is considering rival tie-up proposals. Czech billionaire Daniel Kretinsky, Casino’s second-biggest shareholder, has [offered to take control of Casino through a 1.1 billion euro capital](https://www.financedigest.com/assetz-capital-launches-new-90-day-access-account-bonus-cashback-offer.html "Assetz Capital launches new 90-Day Access Account with bonus cashback offer") increase, challenging a proposed tie-up between Casino and smaller retailer Teract. Casino, which held its annual [shareholders meeting](https://www.financedigest.com/climate-activists-take-aim-at-barclays-stanchart-shareholder-meetings.html "Climate activists take aim at Barclays, StanChart shareholder meetings") on Wednesday, again declined to give an update on the two tie-up offers. It reiterated its [pledge to reduce debt](https://www.financedigest.com/global-debt-registry-unveils-collateral-pledge-blockchain-proof-of-concept.html "Global Debt Registry Unveils Collateral Pledge Blockchain Proof of Concept"). The [company has said it was considering asking for a court-appointed conciliator to oversee discussions with bank creditors and bondholders over the two potential deals](https://www.financedigest.com/navigating-a-buoyant-ma-market-does-the-deal-corridor-with-the-us-or-eu-offer-british-companies-the-better-scope-for-growth.html "Navigating a buoyant M&A market: Does the deal corridor with the US or EU offer British companies the better scope for growth?"). We believe the consent solicitation process, combined with the [group’s weak operating](https://www.financedigest.com/catering-group-sodexo-targets-operating-margin-above-6-in-2025.html "Catering group Sodexo targets operating margin above 6% in 2025") performance, fragile liquidity position and unsustainable capital structure make a default, distressed exchange or redemption appear inevitable within six months, absent unanticipated and significantly favorable changes in the issuer’s circumstances,” S&P said in its statement. ($1 = 0.9084 euros) (Reporting by Dominique Vidalon; Editing by Benoit Van Overstraeten, David Goodman and Jan Harvey) --- This blog is powered by Superblog. Visit https://superblog.ai to know more. ---