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Parkson Retail's profit warning credit negative - Moody's

04/28/2015 | 07:09am US/Eastern

[ET Net News Agency, 28 April 2015] Moody's Investors Service said that Parkson Retail

Group Limited's (03368) profit warning for its 2015 first quarter results is credit

negative. However the announcement will not immediately impact its Ba3 corporate family

rating, senior unsecured bond ratings, or its stable ratings outlook.

On 24 April, Parkson announced that it expected to record a loss for its 2015 first

quarter results.

"The deterioration in operating performance will further pressure Parkson's current

rating. Apart from the RMB140 million penalty from its property dispute in Beijing, we are

also concerned about the company's exposure to industry-wide weak consumer sentiment and

ongoing margin pressure," said Lina Choi, a Moody's Vice President and Senior Analyst.

"Nonetheless, we consider the penalty as a one-time event which is absorbable by its

substantial cash on hand," Choi added.

The RMB140 million penalty is relatively small given Parkson's cash on hand and cash

equivalent which totaled RMB4.9 billion at end-2014.

Moody's will continue to monitor the operating and financial performances of the company

over the next two quarters. If its performance deteriorates beyond Moody's expectation,

then its ratings could be under pressure for downgrade. (KL)

(c) 2015 ET Net Limited. All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

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