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Moody’s gives Bed Bath & Beyond notes Baa1
Moody's Investors Service said it assigned a Baa1 senior unsecured rating to Bed Bath & Beyond Inc.'s proposed offering of 10-, 20- and 30-year notes.
The outlook is stable.
Net proceeds are expected to be used for share repurchases of the company's common stock and for general corporate purposes.
Moody’s said Bed Bath & Beyond's Baa1 senior unsecured rating reflects its position as the largest dedicated retailer of domestic merchandise and home furnishings. The agency believes this positions the company well with consumers as a destination retailer for its products and this also translates into strong vendor relations.
The rating also reflects Bed Bath & Beyond significant scale with over 1,500 locations, a meaningful online presence, and scale with revenues expected to approach $12 billion this fiscal year, Moody’s said.
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