Moody's drops Orchard Supply

Moody's Investors Service said it downgraded the corporate family rating and probability of default ratings of Orchard Supply Hardware Corp.

The corporate family rating was downgraded to B2 from B1 and the probability of default rating was downgraded to B2 from Ba3, the agency said.

The outlook is stable.

According to Moody's, the downgrades result from softening of Orchard Supply's operating performance due to the housing slump in California, where Orchard Supply maintains its entire store base.

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