Future Retail + Reliance - To Be, or Not to Be...

Future Retail Limited - High Liquidity Risks

Future Retail Ltd. - Further Rating Downgrades / Liquidity Update

Future Retail - Event Flash - Investor Update - Lucror Analytics

Lakshmi Iyer, CFA

Credit

<p>We think media reports regarding the company's talks with <a href="https://www.smartkarma.com/entities/amazon-com-inc" target="_blank" data-smartkarma-citation="entities:409:1" rel="noopener">Amazon.com Inc (AMZN US)</a> are credible. This marks a fundamental change in promoters’ strategy, in our view.  Till date, they had been focused on buying time. However, this development shows that the promoters have bitten the bullet and realize that a deal  of some kind is preferable to bankruptcy.  As such, we upgrade the company's dollar bonds to Buy at current levels.</p>

We think media reports regarding the company's talks with Amazon.com Inc (AMZN US) are credible. This marks a fundamental change in promoters’ strategy, in our view.  Till date, they had been focused on buying time. However, this development shows that the promoters have bitten the bullet and realize that a deal  of some kind is preferable to bankruptcy.  As such, we upgrade the company's dollar bonds to Buy at current levels.

Future Retail Ltd

Future Retail Limited - Upgrade to Buy