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S&P downgrades Moran Foods
S&P said it lowered the issuer credit rating to CCC from CCC+ on Moran Foods LLC (Save-A-Lot).
The agency also said it lowered the rating on the company's term loan to CCC from CCC+.
The recovery ratings on the debt are unchanged.
The company faced challenges in implementing its turnaround plan, which reduced liquidity and caused credit metrics to erode significantly, S&P said.
Save-A-Lot's weak operating results and elevated cash burn also heightened the chance of a restructuring event occurring over the next 12 months, the agency said.
The negative outlook reflects a view that Save-A-Lot's financial performance will remain under pressure as it navigates execution challenges and contends with very difficult operating conditions, S&P said.
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