Asda suffers debt downgrade as turnaround falters

Asda’s parent company Bellis Finco had its rating cut from ‘B+’ to ‘B’ by ratings agency Fitch - Getyy/Loop Images Asda’s turnaround efforts have been dealt a fresh blow after its debt was downgraded deeper into junk status, threatening the struggling supermarket with higher borrowing costs. Leading ratings agency Fitch confirmed on Monday that it has cut its rating of Asda’s parent company, Bellis Finco, from “B+” to “B”, as it sounded the alarm over the retailer’s future performance. In particular, Fit ...