S&P ups Save-A-Lot

S&P said it upgraded Moran Foods LLC (Save-A-Lot) to B- from SD after the company completed a recapitalization.

Moran converted its $740 million term loan into equity and new loans, cutting $400 million from its balance sheet, S&P said.

“At the same time, we are assigning our B+ issue-level rating to Moran Foods' new $15 million supersenior delayed-draw term loan facility due 2023, our B- issue-level rating to its new $139 million first-lien term loan due 2024, and our CCC issue-level rating to its new $180 million second-lien term loan due 2024,” the agency said in a press release.

The outlook is negative.

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