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Moody’s changes Dollar Tree view to positive
Moody’s Investors Service said it changed Dollar Tree, Inc.’s outlook to positive from stable and affirmed its Baa3 senior unsecured rating.
Moody’s also affirmed the Baa3 rating of Family Dollar Stores, Inc. legacy notes and changed the outlook for Family Dollar Stores, Inc. to positive from no outlook.
“Dollar Tree’s strong operating performance and cash flow generation coupled with debt prepayments and improved performance of the Family Dollar banner demonstrates that management initiatives are working and the Family Dollar turnaround is gaining momentum. The change in outlook to positive reflects the consistent and sustained improvement in credit metrics through increased EBITDA generation and debt prepayments and our expectation that metrics will remain strong with Debt/EBITDA sustained below 3.0x and EBIT/interest around 5.0x in the next 12 months,” said Mickey Chadha, Moody’s vice president, in press release.
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