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Casino declines on the stock market, its credit rating downgraded by S&P

PARIS (Reuters) – The retail group Casino lost ground on the Paris Stock Exchange on Wednesday after Standard & Poor’s downgraded its credit rating, citing a risk of default.

Casino shares lost 1.68% to 7.02 euros, around 07:10 GMT, the biggest drop in the SBF 120.

On Tuesday, ratings agency Standard & Poor’s downgraded its credit rating on the retailer from “CCC+” to “CCC-“, citing “the group’s weak operating performance, fragile liquidity position and capital structure unsustainable”, which pose the risk of possible default.

A different scenario for Casino would require major, unforeseen and “significantly favorable” changes, the US agency added.

Casino holds its General Assembly at 08:00 GMT.

The distributor reported last week a slowdown in the growth of its turnover in the first quarter, penalized by a still difficult situation in its supermarkets and hypermarkets in France.

(Laetitia Volga, editing by Kate Entringer)

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