Sainsbury’s: on the shelf

credit of the month

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Despite Sainsbury’s stated commitment to “making life taste better”, bondholders were left with a bitter taste in their mouth after the supermarket giant sold off a major US subsidiary – and gave over half of the £1.2 billion proceeds to its shareholders. Standard & Poor’s reacted to the sale of retailer Shaw’s by cutting Sainsbury’s rating from A- to BBB; Moody’s placed the name on negative outlook. S&P is assuming that Sainsbury’s, rather than using the remaining proceeds to tackle its estimat

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