Moody’s applies B3 to Rite Aid notes

Moody's Investors Service said it assigned a B3 rating to Rite Aid Corp.’s proposed $1.8 billion senior guaranteed unsecured notes offering.

There is no change to the company’s B2 corporate family rating, B2-PD probability of default rating or stable outlook.

The B3 rating is one notch lower than the corporate family rating, reflecting its position behind the first-lien and second-lien debt classes, Moody’s said. It also reflects the senior unsecured debt's relative size in the capital structure.

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