The Outlook change reflects Scope’s expectation that leverage will reduce to below 2x in 2024, driven by the strict cost control programme, which is helping to maintain operating margins.

The Outlook change reflects expectations that leverage will remain high, driven by pressure on EBITDA. The issuer rating continues to benefit from a strong market position and a good financial risk profile.

The rating upgrade is driven by the improved profitability and credit metrics as Covid-linked operational risks continue to wane.

The rating action is supported by the resilience of the group’s business and financial risk profiles.

The rating action reflects the less severe than expected impact of the pandemic in the first nine months of the year but incorporates uncertainties linked to Q4 2020.

The rating action reflects the important reduction in consumer electronics retail activity that is likely in 2020 as a result of the Covid-19 pandemic.

The rating is mainly driven by the company's high market share in France and robust financial risk profile. The limited international exposure is a rating constraint.

The rating is supported by the retailer's strong market position in France, fast transition to omni-channels, and low overall leverage. The dominant exposure to France is a rating constraint.