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S&P: Whole Foods view to positive
Standard & Poor's said that it revised its outlook for Whole Foods Markets Inc. to positive from stable and affirmed its corporate credit rating at BB-.
As expected, the company's lease-adjusted debt-to-EBITDA ratio improved significantly to 4.0x in the first quarter from 4.7x at the end of 2009, primarily because of the conversion of $425 million of preferred stock to common shares in November 2009 and lower operating-lease adjustments, S&P said.
The outlook revision reflects an expectation that the company's credit metrics could improve meaningfully if it uses is excess cash to pay down its term loan over the next nine to 18 months, the agency said.
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