...The Negative Outlook reflects Fitch Ratings' expectation of w eak profitability and decreasing like -for-like sales in France over the next tw o years, impeding any meaningful improvement in Kingfisher's profitability through to the fiscal year-ending January 2021 (FY21). This w ill effectively increase the risk of the group's funds from operations (FFO) margin and FFO fixed-charge coverage ratio of remaining below our negative sensitivities over the same period. The affirmation is supported by Kingfisher's good position in mature markets, its geographic diversification and sound financial structure. In addition, the company has improved its w orking capital management in the past year, follow ing a sharp outflow in the financial year-ending January 2018. Financial flexibility is protected by our expectation of mild positive (post-dividends) free cash flow (FCF) and very low levels of financial debt coupled w ith access to sizeable undraw n liquidity lines....
