Fitch slashes Tesco credit rating

Tesco came under renewed pressure yesterday after Fitch downgraded the troubled supermarket’s credit rating amid growing competition in its home market. Fitch said it has cut its rating from BBB+ to BBB, citing increasing competition from the hard discounters Aldi and Lidl and the mounting price war among the big four grocers. The downgrades comes less than two weeks after Moody’s cut its rating to just two grades above junk status.