Düsseldorf, Germany, 2017-Jun-29 — /EPR Retail News/ — The international rating agencies Moody’s Investors Service and Scope Ratings have given the future CECONOMY AG (“CECONOMY”) ratings of Baa3 (Moody’s) and BBB- (Scope) with a stable outlook. Thus the future CECONOMY will, as planned, receive an investment grade rating when independently listed on the stock exchange after the spin-off of the wholesale and food business to the METRO Wholesale & Food Specialist AG (the future METRO AG).
According to Moody’s the reason for the appraisal is above all the business size, the wide regional positioning and the multi-channel capability of the future CECONOMY. Scope likewise highlights the strong presence of the company in the European consumer electronics markets and the solid balance sheet resources.
Moody’s is one of the world’s leading rating agencies. Scope is positioned as an alternative European provider of credit ratings.
CECONOMY AG (currently: METRO AG) is the leading platform for companies, concepts and brands in consumer electronics in Europe. CECONOMY’s market position is based in particular on the strong brands Media Markt and Saturn. With more than 2 billion contacts per year, CECONOMY aims to give consumers a sense of orientation and offer them solutions for making the most of the opportunities innovative technologies offer. To this end, CECONOMY will seek to develop new concepts and business models that provide decisive added value for consumers and open up new economic potential for the success of the company and its shareholders.
This release may contain forward-looking statements based on current assumptions and forecasts made by the management of future CECONOMY and other information currently available to CECONOMY. Various known and unknown risks, uncertainties, and other factors could lead to material differences between the actual future results, financial situation, development or performance of the company and the estimates given here. CECONOMY does not intend, and does not assume any obligation whatsoever, to update these forward-looking statements or to conform them to future events or developments.
SOURCE: METRO AG
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