Research Update: TPC Group Inc. Assigned 'B' Rating Following Leverage Buyout; TPC Group LLC Ratings Lowered Then Withdrawn Dec 12
- Language: English
- Published: December 2012
We believe that a buyout of U.S. discount store operator Family Dollar by the Trian Group is less likely to occur in the near-to-intermediate term. Family Dollar's board of directors has rejected the unsolicited buyout offer from the Trian Group and has adopted a shareholder rights plan. We are removing the ratings from Credit Watch with negative implications and affirming all ratings, including the 'BBB-' corporate credit rating. The stable outlook reflects our belief that positive operating momentum, a disciplined store growth strategy, and a moderate financial policy will maintain credit measures in line with the rating, despite an increase in share repurchases and faster store growth plans. On May 23, 2011, Standard & Poor's Ratings Services removed its ratings...
Companies mentioned in this report are: Family Dollar Stores, Inc.
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Product Type: Research Update
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