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S&P drops Roundy's view to negative
Standard & Poor's said it affirmed its B corporate credit rating on Roundy's Supermarkets Inc. and revised the outlook to negative.
At the same time, S&P affirmed Roundy's B bank loan rating with a recovery rating of 3.
S&P said the negative outlook reflects the company's aggressive financial policy and limited liquidity.
Roundy's is seeking an amendment to its existing $829 million senior secured credit facility to extend the maturity dates, pay out a dividend and amend the covenants in exchange for higher pricing. The company plans to pay a $100 million dividend financed with excess cash and additional borrowings under its revolving credit facility.
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