Fitch downgrades Rite Aid

Fitch Ratings said it downgraded Rite Aid Corp.’s long-term issuer default rating to D from CCC following the company's Chapter 11 bankruptcy protection filing on Sunday. The agency also cut the company’s asset-based lending facility and senior secured term loan to CCC from B, its senior secured notes to CC from B and its senior unsecured notes to C from CC.

“The company has indicated it has reached an agreement with certain secured noteholders to equitize existing lender claims. The company has also obtained DIP financing to support operations through its bankruptcy process,” Fitch said in a press release.

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