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Moody’s gives Rite Aid notes Caa1
Moody's Investors Service said it assigned a Caa1 rating to Rite Aid Corp.'s new senior secured notes.
All other ratings were affirmed and the outlook remains negative.
There is no change in the company's SGL-3 speculative grade liquidity rating.
The new notes will mature 2025 and will be issued in exchange for a maximum of $600 million of the existing unsecured notes maturing 2023.
“The exchange transaction will improve Rite Aid's debt maturity profile but operational challenges remain,” Moody's vice president Mickey Chadha said in a news release.
“We do not expect much improvement in credit metrics and free cash flow in the next 12 months as the retail pharmacy space remains under pressure while the success of new management initiatives remains uncertain.”
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