Fitch improves El Corte Inglés’ rating

What: Although it remains at BB+, the outlook goes from negative to stable. 

Why it is important: In the current context of inflation, El Corte Inglés’ customers are considered less sensitive to prices.

After this change in the rating, El Corte Inglés is closer to improving its grade and returning to investment grade, a goal towards which it has been heading for a few years.

Fitch joins the recent verdicts of rating agencies Moody's and S&P. The first changed its outlook from negative to stable and the second pointed to the IPO of El Corte Inglés as a possible mechanism to improve its rating.