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Fitch shifts ATD outlook to negative
Fitch Ratings said it revised its outlook for ATD New Holdings, Inc. and American Tire Distributors, Inc. (collectively ATD) to negative from stable and affirmed its ratings, including ATD's senior secured revolving and first-in-last-out ABL facilities at BB-/RR1 and senior secured term loans at B-/RR4.
“The negative outlook reflects the weakening in credit metrics and cash flow resulting from a mix of working capital and market challenges beginning in late 2022. In FY 2023, Fitch forecasts EBITDAR coverage of 1.2x, EBITDAR leverage above 7x and tighter availability under the revolving ABL facility. Near-term liquidity is adequate and ATD's improvement plan appears credible but relies on multifaceted execution,” the agency said in a statement.
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