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S&P ups Guitar Center outlook to stable
Standard & Poor's said it revised its outlook on Guitar Center Holdings Inc. to stable from negative.
Concurrently, the agency said it affirmed all ratings, including the B-corporate credit rating, on the company.
"The outlook revision reflects its belief that Guitar Center will maintain adequate liquidity and a good cushion to its financial covenants, despite numerous operational challenges," said credit analyst Mariola Borysiak.
S&P noted that the ratings on Guitar Center Holdings, parent of Guitar Center Inc., reflect the company's participation in the highly fragmented and competitive music products retail market, operating challenges at its music & arts division, and a very highly leveraged capital structure that results in very weak cash flow protection measures.
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