CREDIT rating agency Moody’s has downgraded Skelmersdale-based out-of- town discount chain Matalan’s status from B1 to B2, and maintained its ‘negative’ outlook on the group.
It follows a 63% fall in second quarter earnings before interest, tax, depreciation and amortisation, announced last week.
However, a Matalan spokeswoman said the company has £75.1m of cash on its balance sheet and “continues to be profitable and cash generative”.
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