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Related Issuers
A&P Finance I
A&P Finance II
A&P Finance III
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Rating Action:

Moody's changes ratings on 86 US and Canadian retail companies under LGD rating methodology

26 Sep 2006
Moody's changes ratings on 86 US and Canadian retail companies under LGD rating methodology

New York, September 26, 2006 -- Moody's Investors Service announced today the implementation of its new Probability-of-Default (PD) and Loss-Given-Default (LGD) rating methodology for the US and Canadian Retail sector. The US and Canadian Retail sector included eighty-six companies subject to the LGD methodology.

Moody's current long-term credit ratings are opinions about expected credit loss which incorporate both the likelihood of default and the expected loss in the event of default. The LGD rating methodology will disaggregate these two key assessments in long-term ratings. The LGD rating methodology will also enhance the consistency in our notching practices across industries and will improve the transparency and accuracy of our ratings as our research has shown that credit losses on bank loans have tended to be lower than those for similarly rated bonds.

Probability-of-default ratings (or PDRs) are assigned only to issuers, not specific debt instruments, and use the standard Moody's alpha-numeric scale. They express Moody's opinion of the likelihood that any entity within a corporate family will default on any of its debt obligations.

Loss-given-default assessments (or LGDAs) are assigned to individual rated debt issues -- loans, bonds, and preferred stock. Moody's opinion of expected loss is expressed as a percent of principal and accrued interest at the resolution of the default, with assessments ranging from LGD1 (loss anticipated to be 0% - 9%) to LGD6 (loss anticipated to be 90% - 100%).

Following is a list of the rating actions for the US and Canadian Retail sector. The rating immediately after the company name denotes the corporate family rating while the percentages next to the LGDAs represent the expected LGD rates.

Amazon.com, Inc., Ba3

PDR: Ba3

$900 million 4.75% Convertible Sub Notes, B2 --> B2, LGD5, 82%

$306 million 6.75% Premium Adj. Convertible Sec., B2 --> B2, LGD5, 82%

Senior Unsecured Shelf Registration, (P) B1 --> (P) Ba2, LGD3, 35%

Subordinated Shelf Registration, (P) B2 --> (P) B2, LGD5, 82%

Preferred Stock Shelf Registration, (P) B3 --> (P) B2, LGD6, 97%

Baker & Taylor Acquisitions, B2

PDR: B1

$165 Million Secured Notes-2nd Lien, B3 --> B2, LGD4, 65%

BCBG Max Azria Group, Inc., B1

PDR: B1

$150 Million Asset Based Revolver, Ba3 --> Ba2, LGD2, 20%

$199.5 Million Term Loan, B1 --> B1, LGD3, 48%

$80 Million Third Lien Term Loan, B3 --> B3, LGD5, 76%

Blockbuster Inc., B3

PDR: B3

$500 Million Sr. Secured Rev Credit Facility , B3 --> B1, LGD2, 25%

$100 Million Sr Sec Term Loan A, B3 --> B1, LGD2, 25%

$550 Million Sr Sec Term Loan B, B3 --> B1, LGD2, 25%

$300 Million 9% Sr. Subordinated Notes, Caa3 --> Caa2, LGD5, 86%

Bon-Ton Stores Inc. (The), B1

PDR: B1

$510 Million 10.25% Sr Unsecured Notes, B2 --> B3, LGD5, 83%

Brookstone Company, Inc., B3

PDR: B3

$185 Million 12% 2nd Lien Sr. Sec. Notes, B3 --> Caa1, LGD4, 60%

Brown Shoe Company, Inc., Ba3

PDR: Ba3

$150 Million 8.75% Sr Unsecured Notes, B1 --> B1, LGD5, 73%

Burlington Coat Factory Warehouse, Inc., B2

PDR: B2

$900 Million Sr Sec Term Loan , B2 --> B2, LGD4, 54%

$375 Million 11.125% Senior Unsecured Notes, Caa1 --> B3, LGD5, 73%

Charming Shoppes, Inc., Ba3

PDR: Ba3

$150 Million 4.75% Sr. Convert. Global Bonds, B2 --> B2, LGD6, 92%

Dillard's Inc., B1

PDR: B1

Unsecured notes ranging from 6.3% to 9.5%, B2 --> B2, LGD5, 71%

$200 Million 7.5% Guar. Preferred Beneficial Interest Debs, B3 --> B3, LGD6, 95%

Dollar General Corporation, Ba1

PDR: Ba1

$200 Million 8 5/8% Sr. Unsecured Notes, Ba1 --> Ba2, LGD4, 66%

Eddie Bauer, Inc., B2

PDR: B2

$300 Million Term Loan, B2 --> B2, LGD4, 55%

Finlay Fine Jewelry Corporation, B2

PDR: B2

$200 Million 8.375% Senior Unsecured Notes, B3 --> B3, LGD5, 74%

Foot Locker, Inc., Ba1

PDR: Ba1

$200 Million 8.5% Senior Debentures, Ba2 --> Ba1, LGD4, 60%

GameStop Corporation, Ba3

PDR: Ba3

$300 Million Senior Floating Rate Notes, Ba3 --> B1, LGD4, 60%

$650 Million 12% Senior Notes, Ba3 --> B1, LGD4, 60%

J. Crew Operating Corporation, Ba3

PDR: Ba3

$250 Million Term Loan, Ba3 --> Ba3, LGD4, 58%

Leslie's Poolmart, Inc., B2

PDR: B2

$170MM 7.75% Sr. Notes, B2 --> B3, LGD4, 63%

Linens 'N Things, Inc., B3

PDR: B3

$650 Million Floating Rate Sr Sec. Notes, B3 --> B3, LGD4, 56%

Loehmann's Capital Corporation, B2

PDR: B2

$20MM Class A Floating rate notes due 10/1/2011, B3 --> B2, LGD3, 46%

$55MM Class A- 12% Sr. Sec notes due 10/11/2011, B3 --> B2, LGD3, 46%

$35MM 13% Class B- Sr. Sec notes due 10/11/2011, Caa1 --> Caa1, LGD5, 89%

Mothers Work, Inc., B3

PDR: B3

$125MM 11.25% Senior Notes, Caa1 --> Caa1, LGD4, 64%

Movie Gallery, Inc., Caa1

PDR: B3

$75 Million Senior Secured Revolving Credit Facility, Caa1 --> B3, LGD3, 41%

Term Loan A, Caa1 --> B3, LGD3, 41%

Term Loan B, Caa1 --> B3, LGD3, 41%

$325 Million 11% Senior Unsecured Notes, Caa3 --> Caa2, LGD5, 88%

NBC Acquisition Corporation, B2

PDR: B2

$77 Million Senior Discount Notes, Caa2 --> Caa1, LGD6, 93%

Nebraska Book Company, Inc.

$204 Million Term Loan, B2 --> Ba2, LGD2, 21%

$65 Million Sr Sec Revolving Credit Facility, B2 --> Ba2, LGD2, 21%

$175 Million 8.625% Sr. Sub. Notes, Caa1 --> B3, LGD5, 76%

Neiman Marcus Group, Inc. (The), B1

PDR: B1

$1,975 Million Sr.Secured Term Loan, B1 --> Ba3, LGD3, 40%

$125 Million Sr. Secured Debentures, B1 --> Ba3, LGD3, 40%

$700 Million Sr. Unsecured Notes, B2 --> B2, LGD4, 67%

$500 Milion Sr. Subordinated Notes, B3 --> B3, LGD6, 93%

Payless Shoesource, Inc., Ba3

PDR: Ba3

$200 Million 8.25% Sr. Subordinated Notes, B2 --> B1, LGD4, 64%

Saks Incorporated, B2

PDR: B2

2% Convert. Senior Notes maturing 2024, B2 --> B3, LGD4, 69%

7.0% Sr. Unsecured Notes maturing 2013, B2 --> B3, LGD4, 69%

7.375% Sr. Unsecured Notes maturing 2019, B2 --> B3, LGD4, 69%

7.5% Sr. Unsecured Notes maturing 2010, B2 --> B3, LGD4, 69%

8.25% Sr. Unsecured Notes maturing 2008, B2 --> B3, LGD4, 69%

9.875%Sr. Unsecured Notes maturing 2011, B2 --> B3, LGD4, 69%

Savers, Inc., B2

PDR: B2

$197 Million Term Loan, B1 --> Ba3, LGD2, 27%

$25 Million Sr Secured Rev Credit Facility, B1 --> Ba3, LGD2, 27%

$130 Million Subordinated Notes, Caa1 --> Caa1, LGD5, 87%

Sotheby's, Ba3

PDR: Ba3

$100MM Sr. Unsecured Notes, B1 --> B2, LGD6, 90%

Sr. Unsecured Shelf Registration, (P) B1 --> (P) B2, LGD6, 90%

BI-LO LLC, B1

PDR: B2

Gtd Sr Sec Revolving Credit Facility, B1 --> B1, LGD 3, 31%

Gtd Sr Sec Term Loan, B1 --> B1, LGD 3, 31%

Delhaize America, Inc., Ba1

PDR: Ba1

Sr Unsec Notes and Debentures , Ba1 --> Ba1, LGD 4, 61%

Great Atlantic & Pacific Tea Co., Inc. (The), B3

PDR: B3

Sr. Unsec Notes, Caa1 --> Caa1, LGD 5, 73%

Multi-Seniority Shelf - Sr Unsec, (P)Caa1 --> (P)Caa1, LGD 5, 73%

Multi-Seniority Shelf - Sr Sub, (P)Caa2 --> (P)Caa2, LGD 6, 96%

Multi-Seniority Shelf - Jr Sub, (P)Caa2 --> (P)Caa2, LGD 6, 97%

Multi-Seniority Shelf - Preferred Stock, (P)Caa3 --> (P)Caa2, LGD 6, 97%

A&P Finance I

Trust Preferred Securities Shelf, (P)Caa2 --> (P)Caa2, LGD 6, 96%

A&P Finance II

Trust Preferred Securities Shelf, (P)Caa2 --> (P)Caa2, LGD 6, 96%

A&P Finance III

Trust Preferred Securities Shelf, (P)Caa2 --> (P)Caa2, LGD 6, 96%

Ingles Markets, Incorporated, B1

PDR: B1

Sr Sub Global Notes, B3 --> B3, LGD 5, 80%

Marsh Supermarkets, Inc.*, B3

PDR: Caa1

Gtd Sr Sub Notes, Caa2 --> Caa2, LGD 5, 72%

Pathmark Stores, Inc., B3

PDR: B3

Sr Sub Global Notes, Caa2 --> Caa1, LGD 5, 74%

Roundy's Supermarkets, Inc., B2

PDR: B3

Gtd 1st Lien Sr Sec Revolver, B2 --> Ba3, LGD 2, 18%

Gtd 1st Lien Sr Sec Term Loan, B2 --> Ba3, LGD 2, 18%

Stater Bros. Holdings, Inc., B1

PDR: B1

Gtd Sr Unsec Global Notes, B1 --> B1, LGD 4, 57%

SUPERVALU INC, Ba3

PDR: Ba3

Sr Unsec Notes and Debentures, B2 --> B1, LGD 4, 60%

Medium Term Notes, B2 --> B1, LGD 4, 60%

Ind Rev Bonds, B2 --> B1, LGD 4, 60%

Sr Unsec Shelf, (P)B2 --> (P)B1, LGD 4, 60%

Albertson's, Inc (subsidiary)

Sr Unsec Notes and Debentures, B2 --> B1, LGD 4, 60%

Medium Term Notes, B2 --> B1, LGD 4, 60%

American Stores Company (subsidiary)

Sr Unsec Notes and Debentures, B2 --> B1, LGD 4, 60%

Medium Term Notes, B2 --> B1, LGD 4, 60%

Broder Bros., Inc., B1

PDR: B1

$225 million senior unsecured notes, B3 --> B2, LGD5, 73%

Cluett American Corp. (Gold Toe), Caa1

PDR: Caa1

Senior subordinated notes, Caa3 --> Caa2, LGD4, 63%

Preferred stock, Ca --> Caa3, LGD6, 100%

Hanesbrands, Inc., Ba3

PDR: Ba3

$500 million senior secured revolver, Ba2 --> Ba2, LGD3, 31%

$1.65 billion senior secured 1st lien term loan, Ba2 --> Ba2, LGD3, 31%

$450 million senior secured 2nd lien term loan, Ba3 --> B1, LGD5, 73%

$500 million senior bank credit facility, B1 --> B2, LGD5, 89%

Kellwood Company, Ba2

PDR: Ba2

Various senior unsecured notes, Ba3 --> Ba3, LGD5, 70%

Levi Strauss & Co., B2

PDR: B2

Various senior unsecured notes, B3 --> B3, LGD4, 59%

Maidenform Brands, Inc., Ba3

PDR: B1

Senior secured revolver, Ba3 --> Ba2, LGD2, 29%

Senior secured term loan, Ba3 --> Ba2, LGD2, 29%

Oxford Industries, Inc., Ba3

PDR: Ba3

$200 million senior unsecured notes, B1 --> B1, LGD5, 75%

Perry Ellis International, Inc., B1

PDR: B1

$150 million senior subordinated notes, B3 --> B3, LGD5, 78%

Phillips Van Heusen Corporation, Ba3

PDR: Ba3

$100 million senior secured notes, Ba3 --> Ba1, LGD2, 20%

Various senior unsecured notes, B1 --> B1, LGD5, 73%

Quiksilver, Inc., Ba3

PDR: Ba3

$400 million senior unsecured notes, B1 --> Ba3, LGD4, 58%

Rafaella Apparel Group, Inc., B1

PDR: B1

Senior secured bonds, B2 --> B2, LGD4, 60%

St. John Knits International, Inc., B1

PDR: B2

Senior secured revolver, B1 --> B1, LGD3, 31%

Senior secured term loan, B1 --> B1, LGD3, 31%

Warnaco Group, Inc., Ba3

PDR: Ba3

$175 million senior secured revolver, Ba2 --> Ba1, LGD2, 22%

$180 million senior secured term loan, Ba2 --> Ba1, LGD2, 22%

$205 million senior unsecured notes, B1 --> B1, LGD5, 78%

William Carter Company (Carter's), Ba3

PDR: B1

$125 million senior secured revolver, Ba3 --> Ba3, LGD3, 32%

$500 million senior secured term loan, Ba3 --> Ba3, LGD3, 32%

Builders FirstSource, Inc., B1

PDR: B1

$110m Gtd. Sr. Sec. Revolving Credit Facility due 2010 , B1 --> Ba2, LGD2, 23%

Gtd. Sr. Sec. 1st Lien Term Loan B due 2011, B1 --> Ba2, LGD2, 23%

$15m Gtd. Sr. Sec. Letter of Credit Faclity due 2011, B1 --> Ba2, LGD2, 23%

$275m Gtd. Sr. Sec. Floating Rate Notes due 2012, B3 --> B2, LGD4, 65%

Dayton Superior Corporation, Caa1

PDR: Caa1

$165m 10.75% Gtd. Sr. Sec. Second Priority Notes due 2008, Caa1 --> Caa1, LGD3, 44%

$154.7m 13.0% Gtd. Sr. Sub Global Notes due 2009, Caa3 --> Caa3, LGD5, 85%

Strober Organization, Inc. (The), B1

PDR: B1

$600m Gtd. Sr. Sec. Revovlver due 2011, Ba3 --> Ba3, LGD3, 37%

$700m Gtd. Sr. Sec. Term Loan B due 2013, Ba3 --> Ba3, LGD3, 37%

Asbury Automotive, B1

PDR: B1

$250 million 9% subordinated notes, B3 --> B3, LGD 5, 84%

$200 million 8% subordinated notes, B3 --> B3, LGD 5, 84%

AutoNation , Ba1

PDR: Ba1

$600 million unsecured revolving credit facility, Ba2 --> Ba2, LGD 5, 84%

$600 million unsecured term loan, Ba2 --> Ba2, LGD 5, 84%

$300 million floating rate notes, Ba2 --> Ba2, LGD 5, 84%

$300 million fixed rate notes, Ba2 --> Ba2, LGD 5, 84%

Other senior unsecured fixed rate notes, Ba2 --> Ba2, LGD 5, 84%

Group 1, Ba2

PDR: Ba2

$150 million subordinated notes, B1 --> Ba3, LGD 5, 75%

Guaranteed senior notes shelf , (P)Ba3 --> (P)Ba3, LGD 4, 69%

Guaranteed subordinated notes shelf, (P)B1 --> (P)Ba3, LGD 5, 75%

Preferred shelf, (P)B2 --> (P)B1, LGD 6, 97%

Lazy Days, B2

PDR: B2

$152 million senior unsecured notes, B3 --> B3, LGD 4, 68%

Issuer rating, B3 --> B3

Sonic Automotive , Ba3

PDR: Ba3

$550 million secured revolver, Ba2 --> Ba2, LGD 3, 31%

$275 million subordinated notes, B2 --> B1, LGD 5, 79%

$130 million subordinated convertible notes, B3 --> B2, LGD 6, 93%

$160 million subordinated convertible notes, B3 --> B2, LGD 6, 93%

United Auto, B1

PDR: B1

$300 million subordinated notes, B3 --> B3, LGD 5, 81%

$375 million senior subordinated convertible notes , B3 --> B3, LGD 6, 92%

AFFINITY GROUP HOLDING, INC., B1

PDR: B1

$35mm Gtd. Sr. Sec. Revolving Credit Facility (6/24/2008), Ba3 --> Ba1, LGD2, 13%

$140mm Gtd. Sr. Sec. Term Loan (6/24/2009), Ba3 --> Ba1, LGD2, 13%

$200mm 9% Gtd. Sr. Sub. Notes (2012), B3 --> B2, LGD4, 61%

$88.2mm 10.875% Sr. Notes (2012), Caa1 --> B3, LGD6, 90%

ALIMENTATION COUCHE-TARD, INC, Ba1

PDR: Ba1

CAN $50mm Sr. Sec. Revolver (2008), Ba1 --> Ba1, LGD3, 47%

US $75mm Sr. Sec Revolver (2008), Ba1 --> Ba1, LGD3, 47%

US $265mm Sr. Sec. Term Loan A (2008), Ba1 --> Ba1, LGD3, 47%

US $245mm Sr. Sec. Term Loan B (2008), Ba1 --> Ba1, LGD3, 47%

US $350mm 7.5% Gtd. Sr. Sub. Notes (2013), Ba2 --> Ba2, LGD5, 81%

DUANE READE, INC., Caa1

PDR: Caa1

$210mm Sr. Sec. Floating Rate Notes (2010), Caa1 --> B3, LGD3, 37%

$195mm 9.75% Sr. Subordinated Notes (2011), Caa3 --> Caa3, LGD6, 90%

EYE CARE CENTERS OF AMERICA, INC., B2

PDR: B2

$25mm Gtd. Sr. Sec Revolving Credit Facilty (03/01/2010), B2 --> Ba2, LGD2, 22%

$165mm Gtd Sr. Sec Term Loan B (03/01/2012), B2 --> Ba2, LGD2, 22%

$152mm 10.75% Gtd. Sr. Sub Global notes (02/15/2015), Caa1 --> Caa1, LGD5, 77%

GENERAL NUTRITION CENTERS, INC., B2

PDR: B2

$75mm Gts. Sr. Sec. Revolver (2008), B1 --> Ba2, LGD1, 4%

$96.2mm Gtd. Sr. Sec. Term Loan B (2009), B1 --> Ba2, LGD2, 13%

$150mm 8.625% Gtd. Sr. Notes (2011), B3 --> B1, LGD3, 40%

$215mm 8.5% Gtd. Sr. Sub. Notes (2010), Caa1 --> Caa1, LGD5, 81%

HARRY & DAVID HOLDINGS, INC., B2

PDR: B2

$70mm FLT. Gtd. Sr. Notes (2012), B3 --> B3, LGD4, 68%

$175mm 9% Gtd. Sr. Notes (2013), B3 --> B3, LGD4, 68%

HVHC, Inc., Ba3

PDR: B1

$30mm Gtd. Sr. Sec Revolving Credit facility (2011), Ba3 --> Ba2, LGD2, 26%

$155mm Gtd. Sr. Sec Term Loan B (2013), Ba3 --> Ba2, LGD2, 26%

JEAN COUTU GROUP, INC. (THE)*, B3

PDR: B3

US$350mm Gtd. Sr. Sec. Revolver (2009), B2 --> B1, LGD2, 25%

US$250mm Gtd. Sr. Sec. Term Loan A (2009), B2 --> B1, LGD2, 25%

US$1100mm Gtd. Sr. Sec. Term Loan B (2011), B2 --> B1, LGD2, 25%

US$350mm 7.625% Gtd. Sr. Notes (2012), B3 --> B3, LGD4, 57%

US$850mm 8.5% Gtd. Sr. Sub. Notes (2014), Caa2 --> Caa2, LGD5, 84%

JO-ANN STORES, INC., B1

PDR: B1

$100mm 7.5% Gtd. Sr. Sub. Notes (2012), B3 --> B3, LGD5, 80%

Mapco Express, Inc. , B2

PDR: B3

$120mm Gtd. Sr. Secured Revolving Credit Facility, B2 --> B2, LGD3, 34%

$165mm Gtd. Sr. Secured Term Loan (2012), B2 --> B2, LGD3, 34%

NASH FINCH COMPANY*, B1

PDR: B1

$125mm Gtd. Sr. Sec. Revolver , B1 --> B1, LGD4, 54%

$175mm Gtd. Sr. Sec. Term Loan B, B1 --> B1, LGD4, 54%

$150.1mm 3.5% Sr. Sub. Conv. Note (2035), B3 --> B3, LGD6, 91%

PANTRY INC., THE, B1

PDR: B1

$150mm Gtd. 1st Lien Sr. Sec Revolver (2012), Ba3 --> Ba2, LGD2, 28%

$205mm Gtd. 1st Lien Sr. Sec. Term Loan (2012), Ba3 --> Ba2, LGD2, 28%

$250mm 7.75% Gtd. Sr. Sub. Notes (2014), B3 --> B3, LGD5, 77%

$150mm 3% Conv. Sr. Sub. Notes (2012), B3 --> B3, LGD5, 77%

RENT-A-CENTER, INC.*, Ba2

PDR: Ba2

$400mm Revolving Credit Facility (2011), Ba2 --> Ba1, LGD3, 32%

$200mm Gtd. Sr. Sec Tranche A Term Loan (2011), Ba2 --> Ba1, LGD3, 32%

$125mm Gtd. Sr. Sec. Tranche B Term Loan (2012), Ba2 --> Ba1, LGD3, 32%

$300mm 7.5% Sr. Subordinated Notes (2110), Ba3 --> Ba3, LGD5, 83%

RENT-WAY, INC.*, B3

PDR: B3

$205mm 11.875% Gtd. Sr. Sec. Notes (2010), B3 --> B3, LGD4, 54%

RITE AID CORPORATION*, B2

PDR: B2

$300mm 9.5% 2nd-Lien secured notes (2011), B2 --> B2, LGD4, 52%

$357mm 8.125% 2nd-Lien secured notes (2010), B2 --> B2, LGD4, 52%

$200mm 7.5% 2nd-Lien secured notes (2015), B2 --> B2, LGD4, 52%

$184mm 7.125% Senior Notes (2007) - not gtd, Caa1 --> Caa1, LGD5, 89%

$150mm 6.125% Senior Notes (2008) - not gtd, Caa1 --> Caa1, LGD5, 89%

$148mm 9.25% Senior Notes (2013) - not gtd, Caa1 --> Caa1, LGD5, 89%

$185mm 6.875% Senior Notes (2013) - not gtd, Caa1 --> Caa1, LGD5, 89%

$295mm 7.70% Senior Notes (2027) - not gtd, Caa1 --> Caa1, LGD5, 89%

$128mm 6.875% Senior Notes (2028) - not gtd, Caa1 --> Caa1, LGD5, 89%

$249mm 4.75% Conv Notes (2006) - not gtd, Caa1 --> Caa1, LGD5, 89%

SUSSER HOLDINGS, LLC, B2

PDR: B2

$170 10.625% Sr Unsec Notes (2013), B2 --> B3, LGD4, 69%

VITAMIN SHOPPE INDUSTRIES, INC., B3

PDR: B3

$165 2nd-Lien Sr Sec Notes (2012), B3 --> B3, LGD4, 52%

Advance Auto Parts, Inc., Ba1

PDR: Ba2

Advance Stores Company, Incorporated

Sr. Sec. Revolving Credit Facility, Ba1 --> Baa2, LGD 2, 11%

Sr. Sec. Term Loan A, Ba1 --> Baa2, LGD 2, 11%

Sr. Sec. Term Loan B, Ba1 --> Baa2, LGD 2, 11%

Sr. Sec. Delayed Draw Term Loan, Ba1 --> Baa2, LGD 2, 11%

CSK Auto, Inc., B1

PDR: B1

Sr. Sec. Term Loan, Ba3 --> Ba3, LGD 3, 39%

Unsec. Con. Notes, B1 --> B3, LGD 5, 81%

7% Sr. Sub. Notes, B3 --> B3, LGD 6, 97%

Dollarama Group LP, B1

PDR: B1

CAD 75M Sr. Sec. Revolving Credit Facility, B1 --> Ba2, LGD 2, 23%

Sr. Sec. Term Loan A, B1 --> Ba2, LGD 2, 23%

Sr. Sec. Term Loan B, B1 --> Ba2, LGD 2, 23%

8.87% Sr. Sub. Notes, B3 --> B2, LGD 5, 71%

FTD, Inc., B1

PDR: B1

US$ 75M Sr. Sec. Revolving Credit Facility, Ba3 --> Ba2, LGD 2, 24%

Sr. Sec. Term Loan B, Ba3 --> Ba2, LGD 2, 24%

7.75% Sr. Sub. Global Notes, B3 --> B3, LGD 5, 79%

Gregg Appliances, Inc., B2

PDR: B2

9% Sr. Notes, B2 --> B2, LGD 4, 57%

OfficeMax, Inc., Ba2

PDR: Ba2

7.5% Notes due 2008, Ba2 --> Ba3, LGD 4, 67%

9.45% Debentures due 2009, Ba2 --> Ba3, LGD 4, 67%

6.5% Sr. Notes due 2010, Ba2 --> Ba3, LGD 4, 67%

7.35% Debentures due 2016, Ba2 --> Ba3, LGD 4, 67%

Medium Term Notes, Ba2 --> Ba3, LGD 4, 67%

American Foreign Power

5% debentures due in 2030, Ba2 --> Ba3, LGD 4, 67%

Various Entities

Industrial Revenue Bonds, Ba2 --> Ba3, LGD 4, 67%

Sears Canada, Inc., Ba1

PDR: Ba1

7.45% Canadian Bonds, Ba1 --> Baa3, LGD 3, 36%

7.05% Canadian Medium Term Notes, Ba1 --> Baa3, LGD 3, 36%

CAD 200M Revolving Credit Facility, Ba1 --> Baa3, LGD 3, 36%

Delayed Draw Term Loan Facility, Ba1 --> Baa3, LGD 3, 36%

Sears Holdings Corporation, Ba1

PDR: Ba1

US$ 4 Billion Sr. Sec. Revolving Credit Facility, Baa3 --> Baa3, LGD 2, 24%

Sears DC Corp.

Medium Term Notes, Ba1 --> Ba2, LGD 6, 97%

Sears Roebuck Acceptance Corp.

6.25% to 7.5% Notes due 2006 to 2043, Ba1 --> Ba2, LGD 5, 72%

Medium Term Notes, Ba1 --> Ba2, LGD 5, 72%

Toys "R" Us, Inc., B2

PDR: B2

7.62% Notes due 2011, Caa2 --> Caa1, LGD 6, 93%

7.87% Notes due 2013, Caa2 --> Caa1, LGD 6, 93%

7.37% Notes due 2018, Caa2 --> Caa1, LGD 6, 93%

Toys "R" Us-Delaware, Inc

Sr. Sec. Term Loan due 2012, B1 --> Ba3, LGD 3, 31%

Sr. Sec. Term Loan due 2008, B1 --> Ba3, LGD 3, 31%

8.75% Debentures, B2 --> B3, LGD 5, 71%

TRU 2005 RE Holding Co. I, LLC

Revolving Credit Facility , B2 --> B3, LGD 5, 71%

TSA Stores, Inc., B2

PDR: B2

Sr. Sec. Term Loan B, B2 --> B2, LGD 3, 46%

* Denotes that ratings may be under review

New York
Peter H. Abdill, CFA
Senior Vice President
Corporate Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Elaine E. Francolino
VP - Senior Credit Officer
Corporate Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

No Related Data.
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