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Moody's downgrades Winn-Dixie
Moody's Investors Service lowered all ratings of Winn-Dixie Stores Inc. including the 8 7/8% senior notes due 2008 to B3 from B1.
The outlook is negative.
Moody's also downgraded Winn-Dixie's $1 billion senior unsecured shelf to prospective B3 from prospective B1, its senior implied rating to B1 from Ba3 and its long-term issuer rating to Caa1 from B1.
The ratings reflect Moody's concern that the competitive environment among grocery retailers will not soon allow Winn-Dixie to raise gross margins close to prior levels, the uncertain outcome of plans such as divesting about 156 poorer performing stores and carrying out a $150 million remodel program over the next 12 months designed to touch most of the store base and the low productivity of a typical Winn-Dixie store relative to industry norms.
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