Credit rating agency-- Fitch Ratings has downgraded Future Retail’s long-term issuer default rating to ‘restricted default’ from ‘distressed’ following the company's announcement that it has completed restructuring of bulk of its onshore debt. The rating agency views the move as a distressed debt exchange (DDE). At the same time, it affirmed the rating on the company’s USD500 million 5.6 per cent senior secured notes due 2025 at ‘distressed’ with a recovery rating of ‘RR5’.
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.
