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Moody's rates Rite Aid notes B2
Moody's Investors Service said it assigned a B2 rating to the $200 million 7½% second-lien senior secured note offering of Rite Aid Corp. and affirmed all other ratings. The outlook is stable.
Moody's affirmed Rite Aid's B2 rated $660 million second-lien senior secured notes, Caa1 rated $1.45 billion senior notes and $250 million 4¾% convertible notes, B2 senior implied rating and Caa1 unsecured issuer rating.
Along with available cash, proceeds from the new debt will redeem the $171 million 7 5/8% senior note issue and the $38 million 6.0% fixed-rate senior note issue.
Limiting the ratings are the company's highly leveraged financial condition and weak operations relative to its higher rated peers, according to Moody's.
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