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S&P ups Guitar Center converts to BB-
Standard & Poor's said it raised its ratings on specialty music retailer Guitar Center Inc. The corporate credit rating was raised to BB from BB- and its $100 million convertible notes to BB- from B+.
All ratings were removed from CreditWatch positive, where they were placed on Dec. 22. The outlook is stable.
S&P said the upgrade is based on the company's improved operating performance and credit protection measures.
The ratings reflect Guitar Center's participation in the highly competitive and fragmented music products retail market and its aggressive growth strategy, according to S&P.
Total lease-adjusted debt to EBITDA decreased to 1.7x, compared with 2.4x the year before.
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