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Fitch gives Rite Aid notes BB-
Fitch Ratings said it assigned BB-/RR1 ratings to Rite Aid Corp.'s $650 million of 8% senior first-lien secured notes due 2020.
The outlook is stable.
Proceeds from the offering will be used to retire Rite Aid's $648 million Tranche 4 term loan due June 2015, the agency said, adding that the refinancing will help stagger and extend the debt maturity profile with $191 million due in 2013 and $3.4 billion due between 2014 and 2016 rather than the $4.2 billion due previously.
The rating reflect Rite Aid's significant high leverage and limited capital for investment and operating statistics that significantly trail its two major competitors, the agency added.
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