×
466
Fashion Jobs
NIKE
Lead Technical Product Manager, ed&a – Tpmo
Permanent · Bengaluru
PENNAR INDUSTRIES
Sales Manager - Solar Panel
Permanent · Hyderabad
ADIDAS
Manager Information Security
Permanent · GURUGRAM
ADIDAS
Senior Technology Consultant
Permanent · GURUGRAM
ADIDAS
Senior Technology Consultant
Permanent · GURUGRAM
ADIDAS
Senior Manager Information Security
Permanent · GURUGRAM
ADIDAS
Manager Information Security
Permanent · GURUGRAM
DANIEL WELLINGTON
IT Support Specialist
Permanent · NAVI MUMBAI
NIKE
Manager, Product Management, Partners & Marketplace Engineering – Tpmo
Permanent · Bengaluru
BAJAJ FINANCE
Area Sales Manager
Permanent · Bengaluru
CHAMPION JOINTINGS
Area Sales Manager - Banglore - Coimbatore - Chennai
Permanent · Mumbai
CHAMPION JOINTINGS
Area Sales Manager - Hyderabad - Vishakapatnam
Permanent · Mumbai
DIAMOND WHITE CEMENT
Area Sales Manager/ Sales Officer/ Sales Manager- Paints & Putties
Permanent · Begusarai
DIAMOND WHITE CEMENT
Area Sales Manager/ Sales Officer/ Sales Manager- Paints & Putties
Permanent · Begusarai
DIAMOND WHITE CEMENT
Area Sales Manager/ Sales Officer/ Sales Manager- Paints & Putties
Permanent · Sukma
DIAMOND WHITE CEMENT
Area Sales Manager/ Sales Officer/ Sales Manager- Paints & Putties
Permanent · Bihariganj
DIAMOND WHITE CEMENT
Area Sales Manager/ Sales Officer/ Sales Manager- Paints & Putties
Permanent · Jehanabad
DIAMOND WHITE CEMENT
Area Sales Manager/ Sales Officer/ Sales Manager- Paints & Putties
Permanent · Sitamarhi
DIAMOND WHITE CEMENT PVT. LTD.
Area Sales Manager/ Sales Officer/ Sales Manager- Paints & Putties
Permanent · Shimla
DIAMOND WHITE CEMENT
Area Sales Manager/ Sales Officer/ Sales Manager- Paints & Putties
Permanent · Jharsuguda
RELIANCE RETAIL
Hiring Territory Sales Manager - Ajio Business - Mangalore
Permanent · Mangaluru
DEC0T0UCH PAINTS LIMITED
Area Sales Manager/ Sales Officer/ Sales Manager- Paints & Putties
Permanent · Kushinagar
By
Reuters
Published
Oct 24, 2014
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

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 2022 All rights reserved.