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Metro AG: FY2018 - Unhappy New Year

Worth Watching: 13 Dec 2018, 11:01 AM ET - Metro AG (MEOGR: Ba1/BBB-/WD), where we very recently affirmed our Market perform opinion relative to its European IG/crossover retail peers ahead of positioning for 2019 (please see: IG European Consumer 2019: Known Unknowns), announced today i ..

IG European Consumer: 2019 Outlook Opinion Changes

Sector Outlook: 11 Dec 2018, 9:03 PM ET - We set out more on our six opinion changes in European food & beverage/HPC and retail for 2019, plus the initiation of Molson Coors, and give specific bond recommendations in order to execute them. 

IG European Consumer 2019: Known Unknowns

Sector Outlook: 06 Dec 2018, 10:03 PM ET - We have updated our frameworks for assessing RV in our high grade/crossover European food & bev/HPC and retail names for 2019, the 500th anniversary of the death of Leonardo da Vinci. We also initiate coverage on Molson Coors.

Metro AG: Czech-In Opening

Worth Watching: 28 Oct 2018, 10:11 PM ET - Metro AG (MEOGR: Ba1/BBB-/NR), where we hold a Market perform opinion relative to our investment grade/fallen angel European retailers, has received notification from the two private investors who have shares and options that aggregate to 31.5% ..

Metro AG: FY2018 Sales - Uneventful

Worth Watching: 25 Oct 2018, 8:11 AM ET - Metro AG (MEOGR: Ba1/BBB-/NR), where we hold a Market perform opinion compared with our investment grade/fallen angel European retailer coverage, announced today its trading update for the financial year ended 30 Sep 2018 (FY2018) which showed ..

Euro IG Sector Snapshots: October 2018

Sector Analysis: 22 Oct 2018, 9:31 PM ET - Our updated one page snapshots of the Euro IG sectors.

Metro AG: The Real Deal?

Worth Watching: 14 Sep 2018, 5:00 AM ET - Metro AG (MEOGR: Ba1/BBB-/NR), where we hold a Market perform opinion, announced last night that it was implementing a "systematic divestment process of Real [the German hypermarket operation] and its associated business activities", which woul ..

Metro AG: Haniel Runs Out of Patience

Worth Watching: 28 Aug 2018, 6:43 AM ET - Metro AG (MEOGR: Ba1/BBB-/NR), where we now hold a Market perform opinion relative to our European investment grade/fallen angel retail coverage (please see Metro AG: F3Q18 - Still Shuffling Along for explanation), will have noticed that Haniel ..

Metro AG: F3Q18 - Still Shuffling Along

Worth Watching: 02 Aug 2018, 5:57 AM ET - Metro AG (MEOGR: Ba1/BBB-/NR), where we now have a Market perform opinion, updated this morning with latest quarterly results (to 30 June 2018) which looked neutral for the bonds. Another weak quarter for this perennial momentum-less restructuri ..

July 2018 Europe Company Recommendation Changes

Euro Recommendation Changes: 31 Jul 2018, 9:41 PM ET - Our monthly report provides executive summaries for the ten companies recommendation changes made on European companies during the month of July.

Casino Summary 1H18: Still U/P

Earnings Note: 26 Jul 2018, 7:11 AM ET - Casino reported summary 1H18 results this morning that added more complexity.

IG/Fallen Angel UK Retail: Second Half

Sector Outlook: 23 Jul 2018, 10:48 PM ET - Wm Morrison is our pick and Marks & Spencer our pan for 2H18 amongst the IG/Fallen Angel UK retailers. 

French Grocers: Competition Ref Blows the Whistle

Worth Watching: 16 Jul 2018, 10:49 AM ET - French Grocers , Auchan, Carrefour and Casino, will have noted that France's Competition Authority (CA) will be starting an inquiry into all three of their announced purchasing alliances - Carrefour with Système U, the Casino/Auchan/Schiever and ..

IG/Fallen Angels European Retail: Second Half

Sector Outlook: 12 Jul 2018, 9:48 PM ET - We have downgraded our opinion on Carrefour to Underperform and initiated on Richemont with an Outperform as a result of our IG/Fallen Angels European Retail 2H18 outlook. 

John Lewis Partnership: Bashing M&S

IG Note: 27 Jun 2018, 9:24 PM ET - John Lewis expects lower profits this year but the next phase of its strategy should worry M&S.      

Euro HY Conference 2018: Relative Value Panel

Transcript: 27 Jun 2018, 9:21 PM ET - What is the biggest threat to European HY credit: Italy, Brexit, EM, commodities, tech or Donald Trump? 

Euro HY Conference 2018: Food & Dining

Transcript: 27 Jun 2018, 9:20 PM ET - In this article, we transcribe our HY Food & Dining presentation for CreditSights' 2018 Euro High Yield Conference in which we looked at the underlying fundamentals of a highly idiosyncratic space.

French Grocers: Property Off B/S Financing

Worth Watching: 24 Jun 2018, 10:33 PM ET - French Grocers have taken different approaches to financing their property book. The role of property in retail is worth watching. In the light of Casino's proposed sale and leaseback of part of its store portfolio, we thought it worth revisitin ..

Euro HY Conference 2018: HY Retail Transcript

Transcript: 19 Jun 2018, 10:53 PM ET - In this article, we transcribe our HY Retail presentation for CreditSights' 2018 Euro High Yield Conference in which took a closer look at some of the drivers of valuation in the space.

Metro AG: F2Q18 – Russian Setback Quantified

Worth Watching: 15 May 2018, 5:56 AM ET - Metro AG (MEOGR: Ba1/BBB-/NR), where we have an Underperform opinion, updated this morning with latest quarterly results (to 31 Mar 2018). Thin LTM credit metrics were broadly unchanged from prior year. Net adjusted debt to LTM F2Q18 EBITDAR le ..

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