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Moody's ups Whole Foods outlook to stable
Moody's Investors Service said it changed the outlook of Whole Foods Market Inc. to stable from negative, and affirmed the company's Ba3 corporate family rating and the Ba3 rating of its term loan.
The change in outlook anticipates that Whole Foods' credit metrics will continue to improve as the company continues to generate positive cash flow which may be used to reduce debt and internally finance future growth, the agency said.
Moody's noted that the ratings reflect Whole Foods' high leverage and operating risk, which is greater than conventional supermarkets because of the company's expensive fast growth strategy and focus on higher-end products.
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