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Gulf Between Haves and Have-Nots Drove Retail Bankruptcies in 2019

The gulf between market share gainers and donors is widening, as weaker retailers lack the means to improve positioning, often leading to bankruptcy.

Rapid Tech Adoption May Boost China Retail Sector Concentration

A growing focus on technology may serve to drive concentration within China's retail sector, says Fitch Ratings. The trend may raise capital intensity, and could increase business volatility and exposure to regulatory interventions.

Webinar on Demand

2020 European Retail Outlook

Fitch Ratings is delighted to invite you to a live webinar on the 2020 Outlook for European Retail. Join us to discover our view on how the changing business models of European retailers will drive their credit profiles in 2020 and why we think that the European non-food retailers will see a generally negative rating trajectory in 2020 whereas the food retail sector is expected to remain stable.
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Related Report:
Fitch Ratings 2020 Outlook: European Retail

Indonesian Super and Hyper Markets to Lag Mini Markets

Fitch Ratings expects Indonesian large-format grocery retailers, including supermarkets and hypermarkets, to struggle to recover profitability in 2020, as they focus on downsizing store numbers and improving operational efficiency.

China's Online Retail Grows Fast, Supported by New Platforms

We see new retail (online purchases delivered from offline stores via intra-city on-demand delivery) and social e-tailing (sales via social networking applications) as the two main engines behind the accelerated growth in online sales in China.

Suedzucker Coupon Cancellation Highlights Hybrid Equity Risk

Suedzucker's cancellation of coupons on its hybrid bond underscores the risks of equity features embedded in hybrids. The fall in cash generation at the hybrid's guarantor (Suedzucker AG) below 5% of consolidated sales has led to a cash flow event under the hybrid terms, triggering a mandatory omission of the next four quarterly coupon payments in 2019, saving the company nearly EUR20 million. 


Corporate Mega Borrowers: Consumer

With corporate debt in the mid-investment grade a growing topic in 2019, Fitch held a webcast discussing the key financial metrics, forecast assumptions and rating sensitivities for the Consumer sector. During this brief webcast the speakers focussed on the debt issued by AB InBev and BAT. This followed the publication of our report titled Mega Borrowers: Forecast Snapshots for Mid to Low Investment-Grade Issuers.
Available On-demand

2019 U.S. Retail Outlook Stable on Positive Sales Growth, Steady EBITDA

Both the sector and Ratings Outlook are stable for U.S. retail due to continued U.S. retail sales growth of around three to four percent and signs of EBITDA stabilization among industry leaders, according to Fitch Ratings' 2019 Outlook.

Stable Outlook for Rapidly Evolving Consumer Goods Sector Amidst Increasing

Amidst our expectation for a mild erosion of consumer spending power in the U.S. and Western Europe, as well as selected upward pressure on input costs, Fitch Ratings expects overall rating stability for the consumer and food, beverage, tobacco and commodity processing sectors in 2019. 

Credit Hotspot: Brexit

Latest: Brexit Impact Gradually Mounting for UK Corporates

Latin America Retail Revenue Growth and Stable Profitability Likely Through

Latin America retailers should experience single-digit revenue growth and stable profitability margins during 2018 and 2019, according to a new Fitch Ratings report.

EG's Australian Deal Expands Reach, Execution Risk

EG Group Limited's (EG) proposed acquisition of Woolworths Limited's Australian (WA) petrol station business will continue the global development of the EG's business model and is unlikely to affect the group's credit profile, Fitch Ratings says. 

Ocado's Negative Outlook Stays Despite Kroger Agreement

There is no immediate implication for the ratings of Ocado Group Plc (Ocado, BB-/Negative) following the signing of a definitive service agreement with The Kroger Co (Kroger) that aims to establish Ocado's retail technology in the US and the company's 'BB-' rating remains on Negative Outlook, Fitch Ratings says.

Meat Processors Diversifying to Smooth Volatility

Fitch Ratings says global meat processors will continue diversifying into new markets and value-added products to smooth margin volatility, as long as the market for the protein sector remains challenged by trade wars and animal disease concerns. These strategies will be implemented through bolt-on M&A, product innovation and reshuffling of export markets. 

Complimentary Research

Shock Scenario: US Retail

This report considers the potential credit impact of a hypothetical rapid expansion of, Inc.’s market share in apparel retailing, resulting in sharp declines in sales and margins for US apparel retailers.

Lenta's Share Buyback Neutral for Ratings; Evidences Maturing Market

The recent announcement to initiate a global depository receipts (GDRs) buyback programme by the third-largest Russian food retailer, Lenta Ltd. should have no negative impact on the rating of its 100%-owned operating subsidiary, Lenta LLC (BB/Stable), Fitch Ratings says. 


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