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Moody's gives Rite Aid notes B3
Moody's Investors Service said it assigned a B3 rating to Rite Aid Corp.'s proposed $400 million senior secured first-lien notes due 2016.
All other ratings including the company's Caa2 corporate family rating, Caa2 probability of default rating, and SGL-4 speculative-grade liquidity rating were affirmed, the agency said.
The outlook remains negative.
According to Moody's, the proceeds from the proposed $400 million senior secured notes will be used to repay and reduce the amount of commitments under its $1.75 billion asset based revolving credit facility.
The Caa2 corporate family rating reflects Rite Aid's highly leveraged capital structure, the agency said, adding that debt/EBITDA is currently about 10 times.
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