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Moody's drops Sports Authority
Moody's Investors Service said it downgraded the corporate family and probability of default ratings of TSA Stores, Inc. to B3 from B2.
The outlook is negative.
The downgrade of the corporate family rating to B3 results from continuing deterioration in Sports Authority's operating performance throughout 2008, reflected by LTM October 2008 debt/EBITDA of over 7 times, and the likelihood that this metric will remain above 7 times well into 2009, the agency noted.
"TSA will be challenged to improve its operating performance in this difficult environment," stated Moody's senior analyst Charlie O'Shea. "The negative outlook reflects Moody's concern that metrics could further worsen in 2009 given the state of the economy."
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