Moody’s turns SEG view to uncertain

Moody’s Investors Service said it placed its rating for SEG Holding LLC, the parent of BI-LO, LLC, on review with uncertain direction.

The review follows news that ALDI and Fresco Retail Group LLC agreed to buy Southeastern Grocers, the parent of SEG. The ratings under review include SEG’s Ba3 corporate family rating and B1 senior secured global notes rating.

ALDI will get all Southeastern Grocers’ grocery operations under the Winn-Dixie and Harvey's supermarket banners. Concurrently, Southeastern Grocers will sell its Fresco y Mas operations to Fresco Retail Group, LLC.

“The review direction uncertain reflects governance considerations particularly the pending acquisition by ALDI and Fresco Retail Group, LLC as well as the lack of clarity regarding the acquiring companies' financial profile given that they are privately held as well as the lack of details regarding capital structure,” Moody’s said in a press release.

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