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Fitch assigns B to SuperValu notes
Fitch Ratings said it assigned a rating of B/RR4 to SuperValu Inc.’s $350 million of 7¾% senior unsecured notes due 2022.
The proceeds from the issue together with revolver borrowings will be used to redeem $350 million of the 8% senior unsecured notes due 2016.
Fitch rates SuperValu’s issuer default rating B. The outlook is stable.
Fitch said the rating reflects SuperValu’s more favorable business mix and improved top line performance over the past year, and the expectation for steady results over the next 12-24 months. These factors are balanced against the significant competitive challenges facing SuperValu’s food retail and wholesale businesses and the difficulty in sustaining a turnaround longer term, the agency said.
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