Moody's: Garden Ridge notes B2

Moody's Investors Service said it assigned a B2 rating to GRD Holding III Corp.'s (Garden Ridge) proposed $360 million senior secured notes due 2019.

At the same time, Moody's affirmed the B2 corporate family and probability of default ratings.

The B2 on Garden Ridge's $250 million existing senior secured term loan due 2017 was also affirmed.

The outlook is stable.

Moody's said the proposed transaction will give Garden Ridge the flexibility to pursue its store expansion plans.

The company currently expects to add approximately 15 to 25 stores in total over the next two to three years to its existing 51-store base the agency said.

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