...Kingfisher plc's Long-Term Issuer Default Rating (IDR) of `BBB' reflects its market-leading position in home improvement retail with good underlying long-term demand drivers, with key leverage and coverage metrics that Fitch Ratings expects to remain in line with its rating and resilient track record. The ratings also reflect a conservative financial policy and solid financial flexibility mainly by way of strong liquidity. Rating weaknesses are modest profit margins against the broad non-food retail sector, but in line with its direct peers'. The Stable Outlook reflects our expectations that Kingfisher will maintain credit metrics in line with its `BBB' rating. This is despite softer demand for home improvement products due to weak consumer confidence and margin pressure driven by cost inflation, which we believe the company can manage under its rating....
