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S&P puts Jean Coutu on positive watch
Standard & Poor's said it placed its ratings, including the B+ long-term corporate credit rating, on Jean Coutu PJC Group Inc. on CreditWatch with positive implications.
At the same time, the agency said that the ratings on Jean Coutu's $850 million of 8.5% senior subordinated notes were placed on CreditWatch with developing implications.
The CreditWatch placement follows Rite Aid Corp.'s (B+/Watch negative/B-2) announcement that it will purchase Jean Coutu's Brooks and Eckerd 1,858-store pharmacy chains in the United States for about $3.4 billion in cash and stock, the agency added.
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