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Tesco credit rating downgraded amid profit fears

Tesco’s credit rating was downgraded by two ratings agencies yesterday (August 8) after its recent profit warning and in the wake of increased competion in the UK.

Standard & Poor’s (S&P) and Fitch both cut their ratings for the supermarket giant from BBB+ to BBB.

“In our view, Tesco’s efforts to improve its operating performance in its home market and in its international operations have not been successful,” S&P said.

Last month Tesco was forced to issue a profit warning and said first half profit for 2014 is expected to be “somewhat below expectations.”

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