Moody’s upgrades Raley’s, loan

Moody's Investors Service said it upgraded Raley's corporate family rating to B1 from B2, probability of default rating to B1-PD from B2-PD and senior secured term loan to Ba3.

The outlook remains stable.

"Raley's has outperformed expectations and has demonstrated resilience in its same store sales growth in the face of a challenging business environment while simultaneously reducing its funded debt," Moody's vice president Mickey Chadha said in a news release.

"Although still high, we expect financial leverage to improve to about 5.0 times in the next 12 months."

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