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Moody’s shifts HD Supply view to negative
Moody’s Investors Service said it changed the outlook to negative from stable and affirmed HD Supply, Inc.’s Ba1 corporate family rating and Ba1-PD probability of default rating.
Moody’s also affirmed the Ba1 rating on HDS’ senior secured term loan maturing 2023 and the Ba2 rating on the company’s senior unsecured notes due 2026. The SGL-1 speculative grade liquidity rating is unchanged.
The change in outlook results from ongoing economic uncertainty leading to lower demand for maintenance and repair and operations, especially within the hospitality business, Moody’s said.
“Further, Moody’s expects that the potential for longer-term disruption in these segments will have a more pronounced impact on the remaining HDS operations following the separation of the construction & industrial (C&I) business,” the agency said in a press release.
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