Moody’s rates Albertson’s CFR B1, loan Ba3

Moody's Investors Service said it assigned a B1 corporate family rating and a B1-PD probability of default rating to Albertsons Cos., LLC, the newly formed parent of Safeway Inc., Albertson's LLC and New Albertsons Inc.

The outlook is stable.

The agency also assigned a Ba3 rating to the Albertson's Holdings LLC's proposed new incremental senior secured $1,145,000,000 term loan maturing 2022.

Additionally, Moody's affirmed the ratings and outlook for Albertson's Holdings (B1 stable) and New Albertson's (B2 stable).

At closing of the proposed transaction, Albertson's Holdings LLC will merge with and into Albertsons Cos. Proceeds from the proposed term loan and the proposed new $4 billion ABL revolving credit facility (unrated) will be used to repay the existing New Albertson's term loan, the existing ABL commitments at Albertson's Holdings and New Albertson's and for general corporate purposes. Both Albertson's Holdings and NAI Holdings LLC (the current parent of New Albertson's) will be consolidated into Albertsons Cos.

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