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S&P trims Staples
S&P said it downgraded Staples Inc. and its senior secured debt to B from B+. The agency also lowered Staples’ unsecured debt to CCC+ from B-. The recovery ratings remain unchanged.
“Staples entered the current economic recession with a highly leveraged balance sheet and limited financial flexibility to withstand an extended economic downturn,” S&P said in a press release.
S&P said it sees the company’s leverage spiking to more than 8x in 2020.
The outlook is negative.
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