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S&P affirms Roundy's
Standard & Poor's said it affirmed the B+ corporate credit rating and all other ratings for Roundy's Supermarkets, Inc.
Included is the B+ bank loan rating, which has a recovery rating of 3, the agency said.
The agency noted that this action follows the company's agreement to purchase five Jewel-Osco stores from Supervalu, with financing coming from a $57.5 million add-on to its term-loan facility, adding that proceeds from the add-on will also be used to reduce borrowings under its existing revolving credit facility.
The outlook remains negative.
S&P said that the ratings reflect Roundy's Supermarkets' aggressive financial policy that resulted from its 2002 leveraged buyout by Willis Stein & Partners and subsequent dividend in 2005 and its participation in the highly competitive supermarket industry.
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