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Moody's downgrades General Shopping Finance's debt rating

Moody's downgraded General Shopping Finance Ltd.'s senior unsecured debt rating to Caa3 from Caa2.

At the same time, the company's subordinated debt rating was confirmed at Ca, while the rating outlook is revised to stable from rating under review.

Moody's said the actions take into account General Shopping's substantially reduced portfolio and the fact that negative cash flows and tight financial flexibility exacerbated its already highly levered capital structure. The downgrade is also based on the further weakening of the company's funds from operations generation as projected for 2019 and 2020.