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Moody’s changes Container Store view to stable
Moody’s Investors Service said it changed the Container Store, Inc.’s outlook to stable from positive. Concurrently, Moody’s affirmed the company’s B2 corporate family rating, B2-PD probability of default rating and B2 senior secured credit facility rating. The speculative grade liquidity rating is unchanged at SGL-2.
“The change in outlook to stable from positive reflects Moody’s view that ongoing investments to achieve revenue growth amid growing competition and the consumer shift to online spending will result in continued limited free cash flow generation relative to debt levels. In addition, the company’s shift in product mix to custom closets, while preserving its competitive positioning, has increased its cyclical exposure. Moody’s believes these business risks and modest projected free cash flow generation position the ratings appropriately at the B2 level, despite the company’s moderate leverage and continued focus on debt repayment,” the agency said in a press release.
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