Scope has resolved the under-review status for Casino’s rating by downgrading it to C/Negative from CC. Subsequently, Scope has ceased analytical coverage of Casino due to business reasons.

The downgrade reflects the higher probability of debt restructuring after Casino’s initiation of a conciliation with creditors.

The downgrade reflects the negative impacts of the 2022 results and the deconsolidation of Assaí weighing on Casino’s business and financial risk profiles. Limited visibility on the short-term recovery of financials justifies the under-review placement.

The downgrade reflects a weaking financial risk profile due to increased leverage and a difficult business environment in France.

The ratings are primarily driven by the group's strong profitability, diversification and large size but are constrained by its weak financial risk profile and shareholding structure.