Moody's gives Bon-Ton B1, notes B2

Moody's Investors Service said it assigned first-time ratings to The Bon-Ton Stores, Inc.

The ratings are being assigned in connection with the proposed acquisition of 142 stores operated by the Northern Department Store Group of Saks Inc., the agency said.

Assigned ratings include the company's corporate family rating at B1, $525 million of senior unsecured guaranteed notes at B2 and speculative-grade liquidity rating at SGL-2.

The outlook is stable.

Moody's said the ratings are constrained by the combined company's competitive position in the department store industry where it competes against numerous larger and better capitalized companies, notably, Kohl's, JC Penney and Sears.

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