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Moody's lifts Advance Auto from junk
Moody's Investors Service said it upgraded Advance Auto Parts, Inc.'s senior unsecured rating to Baa3 from Ba1, including its $300 million senior notes due 2020 to Baa3 from Ba1 (LGD 4, 54%). The company's Ba1 corporate family rating, Ba1 probability of default rating and SGL-2 speculative grade liquidity rating will be withdrawn.
The outlook is stable.
These actions conclude the review for upgrade that began in July.
The upgrade recognizes Advance's solid operating performance, which has resulted in debt protection measures and a credit profile consistent with an investment-grade retailer, Moody's said.
Advance has demonstrated consistency in operating performance, and this has resulted in a solid credit profile, the agency said.
The upgrade also reflects an expectation that the company will refinance its revolving credit facility well in advance of its October 2011 expiration in order to ensure that it maintains strong liquidity, Moody's said.
The stable outlook reflects an expectation that the company will maintain its solid credit metrics and strong operating performance, the agency said.
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