1 Aug 2018 10:39
1 August 2018
DEBENHAMS PLC
Credit rating update
Debenhams plc, the international department store group, notes today's single notch downgrade of its credit rating by Moody's from B1 to B2. This represents Moody's response to the revised profit guidance given in June, amidst challenging trading conditions across the retail sector. Since then, as planned, we have taken decisive action to strengthen our financial position as we navigate these conditions, including a review of non-core parts of our business and continuing constructive discussions with landlords, in addition to which we have agreed increased headroom on our fixed charge covenant. Debenhams remains profitable and cash-generative, and our banks are supportive as we continue to implement our Debenhams Redesigned strategy, which will ensure Debenhams is well-equipped to meet the future needs of our customers. We look forward to unveiling the latest progress in the implementation of that strategy at a capital markets event next month.
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Enquiries
Analysts and Investors
Katharine Wynne, Debenhams plc 020 3549 6304
Media
Tim Danaher/Helen Smith, Brunswick Group 020 7404 5959