Moody's reviews Guitar Center

Moody's Investors Service said it placed under review for downgrade Guitar Center Inc.'s B3 corporate family and probability-of-default ratings.

Moody's said the review is prompted by the company's sales and earnings performance falling below expectations and the high likelihood that it would remain pressured given increased competition from Best Buy's entrance into musical instruments as well as the overall domestic economic environment.

The speculative grade liquidity rating remains affirmed at SGL-3.

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