Moody's: ACE Cash outlook stable

Moody's Investors Service said it affirmed ACE Cash Express Inc.'s corporate family rating and senior secured credit facility at B3 and its senior unsecured debt at Caa1 and changed the outlook to stable from negative.

The agency said the rating action reflects ACE's improved profitability, cash flow and interest coverage. In response to the recent recession ACE has reduced company-owned new store openings and acquisitions and accelerated its closing of underperforming stores. These actions, in addition to the maturation of stores opened during ACE's previous store expansion phase, as well as cost reductions from restructuring actions, resulted in the improved profitability, cash flow and interest coverage, Moody's said.

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