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S&P rates Supervalu loan BB
Standard & Poor's said it assigned a BB rating to Supervalu's proposed $497 million term loan B-3 due 2018.
The rating is two notches higher than the B+ corporate credit rating on the company, S&P said.
The agency also said it assigned the loan a recovery rating of 1, indicating 90% to 100% expected recovery in a default.
The outlook is negative.
The company is amending and extending its existing $497 million term loan B-1 due June 2012 through this issuance, the agency said.
The transaction will improve Supervalu's debt maturity profile, S&P said.
Despite good debt-reduction efforts, credit protection measures weakened slightly with total debt-to-EBITDA increasing to about 4.7x in the fiscal year that ended in February, the agency said.
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