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S&P cuts Stater Bros
Standard & Poor's said it lowered the corporate credit and senior unsecured debt ratings on Stater Bros Holdings Inc. to B+ from BB-.
The agency said that this action reflects a steady decline in credit metrics following the peak levels experienced during the 2003/2004 labor strike and its belief that these measures are not likely to materially improve from current levels.
The outlook is stable.
S&P noted that the ratings on Stater Bros. reflect the risks inherent in the competitive supermarket industry, the impact that an aggressive "everyday low pricing" strategy has had on operating margins and the company's historically leveraged capital structure.
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