...+ Operating performance at the Netherlands-based general merchandise and food retailer Hema has been below our previous expectations due to the challenging economic and competitive market environment. + We are lowering our corporate credit rating on Hema to 'B' from 'B+'. + We are also lowering our issue-level ratings on the company's 80 million super senior revolving credit facility due 2018 to '##' from '##+', on the 565 million senior secured notes due 2019 to 'B' from 'B+', and on the 150 million senior unsecured notes due 2019 to '###+' from 'B-'. The recovery ratings are unchanged at '1+','3', and '6', respectively. + The stable outlook reflects our view that although the operating performance will remain weak, the revenue decline should moderate. We expect Hema to maintain its market position and pursue a prudent diversification strategy to expand its stores. Furthermore, we consider that profitability is likely to be flat thanks to various management initiatives taken during the...
