By John Smith • Published: 14 Aug 2020 • 12:00
Dia supermarkets ratings down Credit: Twitter
CREDIT Agency Standard and Poor Global has reduced its rating of Spanish supermarket chain Dia to CC from CCC as it believes that there may be long term liquidity problems despite the company returning to a small profit.
In 2019, Russian businessmen Mijaíl Fridman who owns the bulk of shares started transferring its assets to a Luxembourg based company Letter One.
Now because LetterOne has approached holders of interest-bearing bonds to purchase them, there is a fear that there will be insufficient funds available to repay the principal when it falls due.
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Married to Ophelia in Gibraltar in 1978, John has spent much of his life travelling on security print and minting business and visited every continent except Antarctica. Having retired several years ago, the couple moved to their house in Estepona and John became a regular news writer for the EWN Media Group taking particular interest in Finance, Gibraltar and Costa del Sol Social Scene. Currently he is acting as Editorial Consultant for the paper helping to shape its future development. Share your story with us by emailing newsdesk@euroweeklynews.com, by calling +34 951 38 61 61 or by messaging our Facebook page www.facebook.com/EuroWeeklyNews
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