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S&P cuts Trader
Standard & Poor's said it lowered its long-term corporate credit rating on Trader Corp. to B- from B. The outlook is stable.
At the same time, the agency said it lowered its issue-level rating on the company's first-out, first-lien senior secured revolving credit facility to B+ from BB-. The 1 recovery rating on the debt is unchanged.
In addition, the agency said it lowered its issue-level rating on Trader's first-lien senior secured notes to B- from B. The recovery rating on the debt is unchanged at 4.
"We base the downgrade on what we view as Trader's very high adjusted debt to EBITDA resulting from the company's weaker-than-expected operating performance," said S&P credit analyst Lori Harris in a news release.
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