Morrisons’ credit rating downgraded after report of poor sales and profit

Moody's says outlook for UK's fifth-largest supermarket, which is 7.5bn in debt, has shifted to negative

Morrisons' credit rating has been downgraded after the supermarket reported poor sales and profits in the latest blow for the UK's fifth-largest supermarket.

Moody's, the credit rating agency, said the outlook for Morrisons' ability to repay its 7.5bn of debts had shifted to negative from stable and its existing junk rating knocked down one notch, from B1 to B2, indicating higher risk.