General Shopping goes down a notch

General Shopping goes down a notch

Corporate & Sovereign Strategy

Moody’s cut General Shopping’s senior unsecured debt rating a notch to B1 on Friday, arguing that the company’s credit metrics are deteriorating and that the size of its development pipeline has become a weak point. The company’s effective leverage had increased to 54% by year-end 2013, from 46% at end-2011, Moody’s said. “General Shopping continues to maintain a sizeable development pipeline that represents 16% of gross assets, adding volatility and risk to its earnings and capital structure,”

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