Seven And I Holdings Co. Ltd.

S&P Global Ratings acknowledges a high degree of uncertainty about the rate of spread and peak of the coronavirus outbreak. Some government authorities estimate the pandemic will peak about midyear, and we are using this assumption in assessing the economic and credit implications. We believe the measures adopted to contain COVID-19 have pushed the global economy into recession (see our macroeconomic and credit updates here: www.spglobal.com/ratings). As the situation evolves, we will update our assumptions and estimates accordingly. The rating outlooks on Seven&i and its subsidiaries are stable. The outlooks reflect our expectation that the group's key financial ratios will remain at levels commensurate with the current rating for the coming one to two years. The robust performance

...The Seven & i Holdings group is likely to perform steadily in the coming one to two years, despite the impact of the COVID-19 pandemic. S&P Global Ratings believes that global retailer Seven & i Holdings Co. Ltd. will maintain its ability to attract steady customer traffic for its core convenience store format. The group achieves this by offering food and daily products to small surrounding catchment areas. In addition, its stores serve social infrastructure roles, providing package delivery and ATM services, and accepting payments of utility bills, for example. The stores demonstrated high tolerance to adverse economic conditions in the aftermath of the 2008 global financial crisis and the 2011 earthquake and tsunami in Japan. Its department stores, among other retail formats, will be impacted by dampened consumer discretionary spending amid the spread of COVID-19, in our view. However, the impact on the group's overall performance is likely to be small. The group is likely to maintain...

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