Fitch revises Rite Aid view to negative

Fitch Ratings said it revised Rite Aid Corp.’s outlook to negative from stable and affirmed its ratings, including its long-term issuer default rating at B-.

“The negative outlook reflects accelerating operating weakness in 2020, including a 20% EBITDA decline to around $420 million, and Fitch's reduced confidence in the company's ability to stabilize EBITDA above $500 million. These concerns are somewhat mitigated by Rite Aid's ample liquidity of well over $1 billion, supported by a rich asset base of pharmaceutical inventory and prescription files, and no notes maturities before 2025,” Fitch said in a press release.

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