March 25, 2020 / 3:39 PM / 2 days ago

Dufry expands measures to counter virus, sees no liquidity crunch

ZURICH, March 25 (Reuters) - Dufry has “considerably extended” measures to counter the coronavirus crisis beyond those it announced this month, a spokesman said, adding the Swiss airport retailer is talking with lenders but still does not foresee a liquidity crunch.

“We are in contact with the lending partners and we have received positive feedback for receiving support, but there is nothing signed yet,” the spokesman said. “In any case, we do not anticipate having liquidity issues during the crises.”

Moody’s Investors Service on Wednesday cut the retailer’s credit rating to “Baa3” from “Baa2,” a notch deeper into non-investment grade territory, as it warned that the company might have to go beyond its 60 million Swiss franc ($61 million) cost savings programme announced March 12 to avoid a liquidity crunch. ($1 = 0.9801 Swiss francs) (Reporting by John Miller)

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