S&P ups A&P notes to 2

Standard & Poor's said it revised the recovery rating on Great Atlantic & Pacific Tea Co. Inc.'s $260 million of second-lien notes to 2 from 4. The debt issue rating remains D, following A&P's voluntary petition filing under Chapter 11 of the Bankruptcy Code on Dec. 12.

The change of the recovery rating is based S&P's review of the post-petition capital structure and revised treatment of capital leases in its recovery analysis, the agency said.

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