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Moody’s rates BI-LO B3, loan Caa1
Moody's Investors Service said it assigned a B3 corporate family rating and a B3-PD probability of default rating to BI-LO, LLC.
The agency also assigned a Caa1 rating to the company's new proposed $525 million senior secured term loan.
The outlook is stable.
"Although the company will emerge from bankruptcy with a stronger balance sheet, the next couple of years will be challenging as food retailing remains highly competitive and promotional particularly in BI-LO's geography, making it difficult to grow topline and profitability while simultaneously investing in the remaining store base and executing on a longer term strategic plan," Moody's vice president Mickey Chadha said in a news release.
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