...Fitch's Sector Outlook: Negative The non-food retail outlook remains negative as business models continue to face considerable challenges. Consumer habits are changing fast, exacerbating competition and creating growing uncertainty on returns from transformational investments. The food retail outlook in Europe remains stable with core markets showing signs of recovery. We nevertheless expect retailers with a large presence in the hypermarket segment to face repositioning challenges, due to the growing inadequacy of this format as a result of consumers' changing habits. Rating Trajectory: Static 2018 should not experience a large number of rating upgrades or downgrades, as current trading conditions and business model issues are already reflected in current rating levels. Exceptions are possible. Ahold Delhaize, for example, might confirm a strengthening credit profile if it can overcome challenges in the US market. Carrefour's new strategic plan will be announced in January 2018. A significant...
