The change in Outlook reflects Ceconomy’s improved leverage driven by the successful implementation of cost-saving measures and resilient operating performance despite challenging market conditions.

The change in Outlook reflects high risk of elevated leverage driven by deterioration of operational performance despite cost cutting efforts and optimization of the group structure.

The expected deterioration in profitability amid inflationary pressure should be mitigated by the group’s robust balance sheet.

The rating action reflects the group’s comparatively solid performance in the last 18 months and an expected improvement in free operating cash flow generation in the second half of fiscal 2021.