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Retailer Casino's shares fall on interim dividend cancellation and rating cut

PARIS, May 29 (Reuters) - Casino Group's shares fell on Wednesday, after the indebted French supermarket retailer canceled its interim dividend and suffered a new credit ratings downgrade.

Casino's shares were down 3.1%, while the shares of Casino's parent holding company Rallye also fell 1%.

Late on Tuesday, Casino said it would not pay an interim dividend as it would be focusing instead on cutting its debts, while S&P also cut its credit ratings on Casino to B from BB-.

Last week, a Paris commercial court placed Rallye, the parent company of Casino, under protection from its creditors for at least six months.

(Reporting by Sudip Kar-Gupta; Editing by Leigh Thomas)