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Moody's confirms Orchard Supply Hardware
Moody's Investors Service said it confirmed Orchard Supply Hardware Stores Corp.'s corporate family and probability of default ratings at B3.
The agency also confirmed the B3 (with LGD 4, 56% revised from LGD 4, 54%) rating on the company's $59 million senior secured term loan due December 2013 and assigned a B3 (LGD 4, 56%) rating to the $78 million senior secured term loan tranche that was recently extended to December 2015.
The outlook is negative.
The confirmations reflects expectations that the company will be able to continue recent positive trends in comparable store sales into fiscal 2012 as a result of initiatives taken by its new management team, Moody's said.
These initiatives will enable the company to offset a significant portion of the incremental costs associated with its transition to a publicly traded company independent of Sears Holdings Corp. following the conclusion of the spin-off on Dec. 30, the agency said.
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