...Fitch Ratings has affirmed Carrefour SA's Long-Term Issuer Default Rating (IDR) and senior unsecured rating at `BBB+'. The Outlook on the Long-Term IDR is Stable. Fitch projects Carrefour's financial profile to strengthen by end-2017, in line with the agency's parameters for the `BBB+' IDR level. The affirmation of the rating is underpinned by the group's strong business profile, although this is increasingly showing signs of weaknesses, especially in its core French market. The 2012 restructuring strategy has prevented a strong deterioration in profitability. However, growth prospects are dependent on Carrefour's ability to restore competitiveness in France, which is affected by delays in its transformation into a truly multichannel retailer. This transformation appears necessary in the medium term to allow a significant uplift in profitability and, in turn, a sustainable financial profile and maintenance of the IDR at `BBB+'. Fitch will carefully assess management's new strategy to be...
