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S&P cuts Orchard Supply
Standard & Poor's said it lowered its corporate credit rating on Orchard Supply Hardware LLC to CCC from B-. The outlook is negative.
The agency also lowered its rating on the company's term loan to CCC from B- in conjunction with the downgrade. The recovery rating remains 4.
The agency said the ratings on Orchard Supply reflect S&P's assessment of the company's financial risk profile as highly leveraged, which incorporates near-term potential for noncompliance with financial covenants and significant debt refinancing risks.
S&P said its view of the company's business risk profile as vulnerable considers its small size relative to the highly competitive home improvement segment of the retail industry and its exposure to housing market conditions in California.
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