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S&P corrects, cuts Tops, notes
S&P said it corrected the corporate credit rating on Tops Holding II Corp. by lowering it to CC from CCC+.
The outlook is negative.
At the same time, the agency corrected the issue-level rating on the company's senior unsecured notes due 2018 by lowering it to CC from CCC-.
S&P said the actions reflects its view that Tops' exchange offer, if completed, would constitute a distressed exchange, and would be tantamount to default.
Due to an error, when it rated the proposed 9% senior amortizing unsecured notes on July 21, 2017, the agency did not lower the ratings on Tops Holding II.
The company offered to exchange any and all of the outstanding $85.5 million 8¾%/9½% senior notes due 2018 issued by Tops Holding II for $116.50 in cash and $883.50 in new 9% senior amortizing unsecured notes co-issued by Tops Holding LLC and Tops Markets II for every $1,000 par in existing notes.
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