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[[THE INVESTOR] Fitch Ratings has downgraded Lotte Shopping ’s senior unsecured debt rating to “BBB-” from “BBB” as the firm’s operations continue to be in the doldrums, the credit agency said on Aug. 30. The outlook is “stable”.
Fitch said the downgrade of the flagship affiliate of retail-oriented conglomerate Lotte Group reflected the company’s continued weak operations in the first quarter of 2016.
“The company’s recovery will be slower than expected, especially in its domestic hypermarket and Chinese operations,” Fitch said in a press release.
Fitch said the downgrade of the flagship affiliate of retail-oriented conglomerate Lotte Group reflected the company’s continued weak operations in the first quarter of 2016.
“The company’s recovery will be slower than expected, especially in its domestic hypermarket and Chinese operations,” Fitch said in a press release.
However, Lotte’s rating continues to be supported by its dominant position in Korea’s department store industry and its diversified business portfolio that encompasses major retail formats, such as department stores, hypermarkets, supermarkets, convenience stores and outlets, it added.
The company’s operating profit declined 22.1 percent on-year to 208 billion won (US$186 million) in the first quarter on sluggish revenue of its subsidiaries including Himart and Lotte Homeshopping.
By Park Han-na (hnpark@heraldcorp.com)
