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Moody's may downgrade Rent-A-Center
Moody's Investors Service said it placed Rent-A-Center, Inc.'s Ba2 $725 million secured bank loan, Ba3 $300 million 7½% senior subordinated notes due 2010 and Ba2 corporate family rating on review for possible downgrade after the company announced its intention to purchase Rent-Way, Inc. in a debt-financed transaction.
The agency said its review will focus on Rent-A-Center's challenges in achieving planned operating efficiencies from the newly purchased Rent-Way stores, keeping in mind that Rent-A-Center has successfully integrated several previous acquisitions, and the potentially adverse impact of additional debt on the company's credit metrics and financial flexibility.
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