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Moody's lowers Roundy's PDR
Moody's Investors Service said it affirmed the B1 rating of Roundy's Supermarkets Inc.'s new $125 million first-lien revolving credit facility and new $675 million first-lien term loan following the company's IPO.
Moody's affirmed the company's B2 corporate family rating, lowered the probability of default rating to B3 and changed the outlook to stable from negative.
Roundy's probability of default rating was lowered to B3 as a result of the change in the company's capital structure and is consistent with Moody's Loss Given Default methodology for an all first-lien debt structure, the agency said.
"The refinancing resolves the pending debt maturities and improves liquidity and financial flexibility," Moody's senior analyst Mickey Chadha said in a news release.
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