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S&P rates Kroger notes BBB
S&P said it assigned its BBB rating to Kroger Co.’s proposed senior unsecured notes.
“We expect the transaction to be leverage neutral because the company plans to use the net proceeds from these notes to supplement its liquidity given the volatile macroeconomic environment and for general corporate purposes,” said S&P in a press release.
“Pro forma for the transaction, we expect the company’s S&P Global Ratings-adjusted debt leverage to remain unchanged at about 3.8x. Kroger has recently taken additional measures to shore up its liquidity,” the agency said.
Kroger suspended share buybacks in the first quarter of 2020. It also drew $1 billion under its revolving credit facility, bringing cash balances to about $2.3 billion in March, S&P said.
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