Moody’s rates Smart & Final CFR B2

Moody's Investors Service said it upgraded the corporate family rating and the probability of default rating of SF CC Intermediate Holdings, Inc. to B2 and B2-PD from B3 and B3-PD, respectively.

The agency also upgraded the ratings of the company's $150 million ABL revolving credit facility to Ba1 from Ba2 and affirmed the B3 rating of its $595 million first-lien term loan.

The outlook is stable.

After the upgrade, the corporate family and probability of default ratings will be withdrawn from SF CC.

At the same time, Moody's assigned corporate family and probability of default ratings of B2 and B2-PD, respectively, to Smart & Final Stores LLC as Smart & Final has assumed all the credit facilities that were originally at SF CC.

Smart & Final’s speculative grade liquidity rating is SGL-2.

"Smart & Final's credit metrics have improved following the debt reduction through the proceeds of its initial public offering," Moody's senior analyst Mickey Chadha said in a news release.

"Moreover, operating performance continues to demonstrate the company's ability to compete effectively and maintain margins in a tough economic and competitive business environment."

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