Moody's cuts Fleetpride, loans

Moody's Investors Service said it downgraded FPC Holdings, Inc.'s (Fleetpride) corporate family rating to B3 from B2 and probability of default rating to B3-PD from B2-PD.

Concurrently, the agency downgraded the ratings on the first-lien and second-lien senior secured term loans to B3 from B1 and to Caa2 from Caa1, respectively.

The outlook was changed to negative from stable.

The downgrade reflects the meaningful deterioration in Fleetpride's operating performance following the November 2012 LBO. Same-branch sales declined in the mid-single-digit percent range for the LTM period ended the first quarter of 2013 primarily as a result of inventory and pricing missteps.

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