Moody's Investors Service ("Moody's") today upgraded Rite Aid Corporation's ("Rite Aid") Probability of Default rating to Caa1-PD from Caa3-PD and appended the PDR with the "/LD" (limited default) designation. There is no change in the company's SGL-3 speculative grade liquidity rating.
The deal has paid down 18% since Moody's last review and nearly 99% since securitization. The rating on Cl. F was affirmed because the rating is consistent with Moody's expected loss. Moody's rating action reflects a base expected loss of 0.9% of the current pooled balance, compared to 1.1% at Moody's last review.
* Philippines closes at 4-week low, down 0.7% * Singapore exports shrink for eight straight month in October * Thailand expands at slowest quarterly pace in a year in Q3 By Arundhati Dutta Nov 18 (Reuters) - Singapore and Thailand markets rose on Monday on hopes of stimulus measures following weak data from both countries, while other regions were mixed amid lack of concrete evidence on the progress in Sino-U.S. trade talks. Data on Monday showed Singapore's exports shrank for the eighth straight month in October, with the country's important electronic shipments steeply falling amid the ...
Moody's rating action reflects a base expected loss of 0.6% of the current pooled balance. Moody's base expected loss plus realized losses is now 2.0% of the original pooled balance. Moody's provides a current list of base expected losses for conduit and fusion CMBS transactions on moodys.com at
The rating on principal and interest (P&I) Class C was affirmed because the transaction's key metrics, including Moody's loan-to-value (LTV) ratio and Moody's stressed debt service coverage ratio (DSCR) are within acceptable ranges. The rating on P&I Class E was affirmed because the ratings are consistent with Moody's expected loss plus realized losses. Moody's rating action reflects a base expected loss of 54% of the current pooled balance, compared to 45% at Moody's last review.
Moody's Investors Service ("Moody's") today stated that if the tender offer announced by Rite Aid Corporation on 15 October 2019 proceeds as outlined, it will constitute a distressed exchange, which is an event of default under Moody's definition of default. The Company announced that it recently completed a privately negotiated purchase from a noteholder and its affiliated funds of $84.1 million aggregate principal amount of its senior unsecured notes maturing 2027 and 2028 at 61% of par. The company also announced that it has commenced cash tender offers to purchase up to $100 million ...
* Singapore non-oil domestic exports shrink for 7th month * Philippines retreats from near four-week high * Indonesia set to post fifth straight session of gains By Sameer Manekar Oct 17 (Reuters) - Most Southeast Asian stock markets were tepid on Thursday as hopes of a Sino-U.S. trade deal waned amid a lack of concrete details, while the Indonesian index extended gains ahead of President Joko Widodo's cabinet formation due this weekend. U.S. Treasury Secretary Steven Mnuchin said that U.S. and Chinese negotiators were working on finalising a Phase 1 trade deal for the Chinese and U.S. ...
Moody's rating action reflects a base expected loss of 67.9% of the current pooled balance, compared to 38.4% at Moody's last review. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating.
Moody's rating action reflects a base expected loss of 69.5% of the current pooled balance, compared to 46.5% at Moody's last review. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating.
