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Moody's may lift Dollar General
Moody's Investors Service said it placed Dollar General Corp.'s Ba1 corporate family and Ba1-PD probability-of-default ratings on review for upgrade. The speculative grade liquidity rating of SGL-1 remains unchanged.
The company also has a senior secured term loan first-out tranche at Ba1 (LGD3, 43%), senior secured term loan first-loss tranche at Ba2 (LGD4, 68%) and senior notes at Ba2 (LGD5, 86%).
The review for upgrade acknowledges the addition of two independent board members resulting in the board of directors no longer being controlled by KKR as Buck Holdings, LP (who is controlled by KKR) now owns less than 20% of Dollar General, according to the agency.
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