85 774
Fashion Jobs
OLD NAVY
Assistant General Manager, Merchandising - Pheasant Run Plaza
Permanent · CHICO
OLD NAVY
Assistant General Manager, Merchandising - Merrimack Premium
Permanent · MERRIMACK
ATHLETA
Assistant General Manager - 18th & 5th
Permanent · NEW YORK
OLD NAVY
Assistant General Manager, Merchandising - Arizona Mills
Permanent · TEMPE
GAP
General Manager - Philadelphia Mills
Permanent · PHILADELPHIA
OLD NAVY
General Manager - Shops at Waldorf Center (New Store)
Permanent · WALDORF
OLD NAVY
Assistant General Manager, Merchandising - Triangle Square
Permanent · NEW YORK
OLD NAVY
Assistant General Manager, Merchandising - Northgate Mall
Permanent · CHATTANOOGA
OLD NAVY
General Manager - Coosa Town Center
Permanent · GADSDEN
OLD NAVY
General Manager - Upper Valley Plaza
Permanent · LEBANON
ATHLETA
General Manager - Issaquah Commons
Permanent · ISSAQUAH
ATHLETA
General Manager - 2nd And Pch
Permanent · LONG BEACH
BANANA REPUBLIC
Assistant General Manager - Home
Permanent · TROY
OLD NAVY
Director, CRM, Marketing
Permanent · SAN FRANCISCO
HENKEL
Senior Automation Tech
Permanent · GENEVA
ESSILORLUXOTTICA GROUP
Customer Service Representative
Permanent · EAST SYRACUSE
ESSILORLUXOTTICA GROUP
Customer Service Representative Classic Optical)
Permanent · YOUNGSTOWN
ESSILORLUXOTTICA GROUP
sr. Manager, Business Growth
Permanent · NEW YORK
ESSILORLUXOTTICA GROUP
Associate Manager, Trade Event Marketing
Permanent · DALLAS
ESSILORLUXOTTICA GROUP
Oakley - Specialized Consultant
Permanent · PEMBROKE PINES
ESSILORLUXOTTICA GROUP
Oakley - Sales Supervisor
Permanent · CAMARILLO
ESSILORLUXOTTICA GROUP
Naasc - Material Handler II (Inbound Team Lead)
Permanent · MCDONOUGH
By
Reuters
Published
Oct 24, 2014
Download
Download the article
Print
Text size

Tesco getting hammered after rating downgrades

By
Reuters
Published
Oct 24, 2014

LONDON, United Kingdom - Two credit rating agencies have reduced Tesco's rating to the cusp of investment grade after a horrible set of first half numbers on Thursday.

Late on Thursday, Fitch dropped Tesco a notch to BBB-, resolving a rating watch negative placement, but keeping a negative outlook.


Moody's added to the misery last night by cutting the company to Baa3 from Baa2.

Moody's, though, has kept its rating on review for downgrade. And that means the UK retailer is now teetering on the edge of junk status - a level which could trigger a wave of forced selling among holders of its £16bn senior unsecured debt.

While Thursday's results had a minimal effect on Tesco's debt - with five-year credit default swaps actually tighter on the day - the downgrades caused something of a bloodbath on Friday morning.

Five-year CDS is a massive 34bp - some 25% - wider at 165bp, making it by far the worst performer on the Markit iTraxx Main index.

The company's sterling bond curve is also around 40bp wider versus swaps, matching the move wider on its euro issues.

Standard and Poor's downgraded Tesco to BBB in early August, and put the rating on credit watch negative late last month.

 

© Thomson Reuters 2024 All rights reserved.