As the corporate credit rating of UK supermarket group J Sainsbury teeters on the edge of a drop below investment grade, the secured refinancing of half of its property portfolio could prove to be a successful defensive move against further downgrades.
Other companies in similar rating difficulties but with large portfolios of unpledged assets and a need to placate their shareholders will be watching Sainsbury’s activities with great interest. The company announced plans at the end of February to redeem all of its £1.7
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