Fitch Ratings has affirmed Future Retail’s issuer default rating at ‘C’ and the rating on its USD500 million, 5.6 per cent senior secured notes due 2025 at ‘C’ while revising the recovery rating to ‘RR5’ from ‘RR4’.
Fitch has also removed the rating watch positive, which had been placed on both ratings on September 2 last year after the company’s announcement that it was selling its business to Reliance Retail and Fashion Lifestyle (RRFLL), an indirect subsidiary of Reliance Industries.
Future Retail offers food and grocery categories, fresh fruits and vegetables, meat and poultry, dairy products, staples, FMCG and processed foods, electronics and appliances, clothing and footwear, furniture and furnishing, and other household articles.
