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Moody's rates Southern States notes B3
Moody's Investors Service said it assigned a B3 rating to the prospective $100 million senior unsecured note issue due 2012 of Southern States Cooperative Inc., a B2 senior implied rating, and an SGL-2 speculative grade liquidity rating.
Proceeds from the prospective $100 million note issue will refinance existing debt.
The outlook is stable.
Moody's said Southern States' ratings reflect material leverage on highly competitive, low margin businesses that are exposed to heavy seasonality and other agricultural risks. The ratings also consider, however, that Southern States provides needed products to its customer base and that its regional scale provides an effective distribution infrastructure enabling its suppliers to reach a large and fragmented user base.
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