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Fitch: Rite Aid view negative
Fitch Ratings said it affirmed Rite Aid Corp.'s issuer default rating at B-, secured revolving credit facility and term loans at BB-/RR1, first- and second-lien senior secured notes at BB-/RR1, guaranteed senior unsecured notes at CCC/RR5 and non-guaranteed senior unsecured notes at CC/RR6.
The outlook was revised to negative from stable.
Ratings reflect Rite Aid's high leverage, limited capital for investment and operating statistics that significantly trail its two major competitors, the agency noted.
Ratings also reflect the company's strong market share position and management's efforts to improve the productivity of its store base and manage liquidity through refinancing activity over the last two years, working capital reductions and other cost cutting initiatives, according to the agency.
The company's adjusted debt-to-EBITDAR ratio is about 7.6 times.
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