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S&P ups Southeastern Grocers
S&P said it upgraded SEG Holding LLC (Southeastern Grocers) to B+ from B and its senior secured notes to BB- from B+. The 2 recovery rating is unchanged and indicates an expectation for substantial (70%-90%; rounded estimate: 70%) recovery in the event of a payment default.
“The upgrade reflects our view that SEG will be a smaller but stronger, less leveraged business going forward, with a more conservative financial policy than we have traditionally seen with the company. Southeastern Grocers significantly improved its capital structure over the past year as it directed excess cash flows and proceeds from the sale of its BI-LO pharmacy business to repay over $450 million of funded debt,” S&P said in a press release.
The agency said it withdrew its BI-LO LLC rating since its term loan was repaid.
The outlook is stable.
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