El Corte Inglés achieves an upgrade of its credit rating to BBB
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- S&P and Fitch have upgraded the company’s credit rating from BBB- to BBB, with a stable outlook.
- Both agencies highlighted its strong operating performance and significant reduction in debt.
El Corte Inglés has secured a credit rating upgrade from Fitch and Standard & Poor’s, both of which have raised its rating from BBB- to BBB with a stable outlook.
The upgrade reflects the sustained transformation of the Group’s financial and operating profile over the past four years, during which the company has progressed from a BB+ rating to its current BBB status.
It also places El Corte Inglés among the small group of international retail companies with this credit rating.
The rating agencies cited the Group’s strong management, resilient operating performance and sustained reduction in financial leverage as key factors supporting the upgrade.
In particular, Fitch highlighted the strong competitive position, prudent financial management and solid liquidity generation capabilities of El Corte Inglés. Fitch also recognised the company’s strong operating performance, noting that EBITDA exceeded expectations in fiscal year 2025–2026, driven by improved margins in the retail and travel businesses while maintaining disciplined control over operating costs.
In its report, the agency highlighted the company’s strategic focus on retail as its core business, with continued efforts to strengthen both its physical store network and online channel, alongside ongoing investment in digitalisation. Another important factor highlighted by Fitch is the financial flexibility provided by the company’s real estate assets.
S&P, meanwhile, pointed to EBITDA growth and improved cash generation, which have enabled the Group to continue reducing leverage while strengthening its financial flexibility. The agency also recognised the company’s investments in store refurbishments and digital channels in recent years.