Moody’s says sale of Korean business is step in right direction but is not enough for credit rating agency to upgrade retailer from junk status

Tesco is to pay off some of its multibillion-pound debts and could buy back the leases on some stores after securing £4bn from the sale of its Korean business, Homeplus.

The supermarket said it could reduce net debt, which stood at £8.5bn in April, by as much as £3.35bn with the proceeds of the sale of Homeplus to a consortium led by MBK Partners, Korea’s largest private equity firm.

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Source: The Guardian Circular Economy RSS