| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers S > Headlines for Save-A-Lot > News item |
S&P lowers Moran Foods
S&P said it lowered its issuer credit rating on Moran Foods LLC (Save-A-Lot) to CCC+ from B- and revised the outlook to negative from stable.
At the same time, S&P lowered the issue-level rating on the company's senior secured term loan to CCC+ from B-. The recovery rating was lowered to 4 (30%-50%; rounded estimate: 45%) from 3 based on S&P’s updated estimate of emergence EBITDA.
“The downgrade reflects our expectation that Save-A-Lot's difficulty executing on its turnaround amid a highly competitive discount grocery environment will continue into fiscal 2019,” S&P said in a news release.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.