S&P: Guitar Center still on watch positive

Standard & Poor's said its ratings on Guitar Center Inc., including the BB- corporate credit rating and B+ senior unsecured debt rating, remain on CreditWatch positive.

This CreditWatch update follows the company's announcement of its planned acquisition of Music & Arts Center for about $90 million plus the assumption of about $8 million in debt. The acquisition will be funded with available cash and the company's credit facility.

On Dec. 22, S&P placed its ratings for Guitar Center on CreditWatch positive based on the company's improved operating performance and credit measures.

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