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Moody's cuts Orchard Supply
Moody's Investors Service said it lowered Orchard Supply Hardware Stores Corp.'s corporate family and probability of default ratings to Caa1 from B3.
Moody's also lowered the rating on the company's senior secured term loan to Caa2 from B3.
The outlook remains negative.
The downgrade of the term loan rating reflects the downgrade of the corporate family rating, as well as the increase in the size of the company's asset based revolver, which has a first-lien on all inventory and accounts receivable, the agency said.
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