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S&P ups BJ's Wholesale Club
S&P said it raised its issue-level ratings on BJ's Wholesale Club Inc.'s first-lien term loan to B+ from B and revised the recovery rating to 2 from 3.
The 2 recovery rating indicates an expectation for substantial recovery (70%-90%; rounded estimate: 70%) in the event of payment default.
“The upgrade and recovery revision follows the recent repricing and $350 million prepayment on its existing $1.925 billion first-lien term loan with revolver borrowings. Pro forma for the prepayment, the balance on the term loan is currently about $1.5 billion,” S&P said in a news release.
The B issuer credit rating and stable outlook on the parent and subsidiary (the issuer of the debt) BJ's Wholesale Club Inc. is unchanged.
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