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Moody's lowers RadioShack
Moody's Investors Service said it downgraded RadioShack Corp.'s corporate family rating to Caa1 from B3 and probability of default rating to Caa1-PD from B3-PD.
In addition, the ratings for RadioShack's senior unsecured convertible notes and senior unsecured notes were downgraded to Caa2 from Caa1.
The outlook remains negative.
RadioShack's SGL-1 speculative grade liquidity assessment was affirmed.
"The continuing negative trend in RadioShack's sales and margins has resulted in a precipitous drop in profitability as its business mix is skewed towards the highly competitive mobility business and low margin smart phones causing continued deterioration in credit metrics," Moody's senior analyst Mickey Chadha said in a news release.
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