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Moody's rates Fairway loan B2
Moody's Investors Service said it assigned a B3 corporate family rating and a Caa1-PD probability of default rating to Fairway Group Acquisition Co.
The agency also assigned a B2 rating to the Fairway's $274 million senior secured term loan and $40 million senior secured revolving credit facility. Additionally, Moody's assigned Fairway an SGL-2 speculative grade liquidity rating.
The ratings reflect Fairway's small scale, geographic concentration, weak credit metrics, aggressive growth strategy and the agency's expectation that cash flow will continue to be strained as the company continues to open new stores.
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