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Tesco Receives Second Junk Blow as S&P Lowers Credit Rating

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Tesco Plc was dealt a new blow as Standard & Poor’s joined Moody’s Investors Service in cutting debt at the U.K.’s biggest grocer to below investment grade.

The senior long-term credit rating was reduced to BB+ from BBB-, the lowest investment-grade level, S&P said today in a statement. The outlook is stable, indicating the rating is unlikely to be changed again soon.