Despite positive like-for-like sales growth in the first half of fiscal 2015, Netherlands-based general merchandise and food retailer Hema's profitability remains under significant pressure. We are therefore revising our outlook on the long-term rating to negative from stable. We are affirming the rating at 'B'. The negative outlook reflects our concerns that operational pressures and declining profitability could undermine Hema's competitiveness and weaken its credit metrics beyond the levels we consider adequate for the current ratings. On Oct. 7, 2015, Standard&Poor's Ratings Services revised its outlook on Netherlands-based general merchandise and food retailer Hema B.V. to negative from stable. We affirmed our 'B' long-term corporate credit rating on the company. We also affirmed our 'BB' issue ratings on
