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S&P cuts Rite Aid
S&P said it downgraded Rite Aid Corp. to SD from B- and the issue-level ratings on the 2027 and 2028 unsecured notes to D from CCC after the company bought back $84 million of notes due 2027 and 2028 at about 39% below par.
Rite Aid also reported a cash tender for up $100 million of the total principal of the 2027 and 2028 unsecured notes at a similar discount.
“We view these transactions as constituting a distressed exchange and tantamount to a default,” said S&P in a press release.
S&P said it also put the issue-level ratings on the debt not subject to the repurchase transactions on CreditWatch with negative implications.
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