Moody's lowers Advance Auto outlook to stable

Moody's Investors Service said it changed Advance Auto Parts, Inc.'s outlook to stable from positive.

The company's Ba1 corporate family rating, Ba2 probability of default rating, Ba1 senior unsecured term loan, and SGL-2 speculative-grade liquidity rating were affirmed, the agency said.

The change in outlook to stable results from slowing improvement in operating performance, and the expectation that the sales environment will remain difficult through at least the back half of 2008, Moody's said, noting that these two factors mute any potential upward rating momentum in the near-term.

"While Advance has performed well considering the difficult sales environment, the likelihood of an upgrade in the next six to 12 months is highly unlikely," stated Moody's senior analyst Charlie O'Shea.

© 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.