S&P lowers A&P

Standard & Poor's said it lowered Great Atlantic & Pacific Tea Co.'s corporate credit rating to CC from CCC.

The outlook is negative.

The downgrade reflects weaker-than-expected operating performance, which resulted in greater cash usage in the quarter than estimated, according to the agency.

"The ratings on A&P reflect our expectation that operating performance will be weaker in the near term and the company will continue to exhaust available liquidity," S&P analyst Charles Pinson-Rose said in a statement.

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