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S&P cuts Rent-A-Center, gives loan BB
Standard & Poor's said it lowered its corporate credit rating on Rent-A-Center Inc. to BB from BB+.
The outlook is negative.
All ratings are removed from CreditWatch, where they were placed with negative implications on Aug. 8, the agency said.
At the same time, S&P said it assigned its BB bank loan rating to Rent-A-Center's proposed $1.325 billion credit facility as well as a recovery rating of 2.
The proposed loan comprises a $400 million revolving credit facility due in 2011, a $200 million term loan A due in 2011 and a $725 million term loan B due in 2012, the agency noted, adding that the ratings on Rent-A-Center reflect the challenges of improving operations for a mature store base, the vulnerability of its customer to changes in disposable income and weak operating trends.
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