Tesco with a debt of net 10 billion pounds
Tesco Plc’s decade of international expansion has pushed debt ratios at the U.K.’s largest retailer to record levels, endangering the company’s credit rating and sparking a backlash from fund managers and bondholders – Bloomberg reported.
Tesco has increased leverage to pay for expansion in markets from the U.S. to China as U.K. sales growth slips behind competitors. Borrowings in the fiscal year ended Feb. 28 were equal to 3.96 times earnings before interest, tax, depreciation and amortization, the highest since at least 1988. Moody’s Investors Service last month cut the retailer’s credit outlook to “negative,” endangering its A3 rating.
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