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Research Update: Smart & Final Holdings Corp. First-Lien Term Loan Rating Raised To 'B+', Second-Lien Term Loan Upgraded To 'CCC+' Jun 11 Product Image

Research Update: Smart & Final Holdings Corp. First-Lien Term Loan Rating Raised To 'B+', Second-Lien Term Loan Upgraded To 'CCC+' Jun 11

  • Published: June 2011
  • Standard & Poors

FEATURED COMPANIES

  • Smart & Final Stores LLC
  • MORE

Abstract
U.S. food retailer Smart & Final cancelled plans to enter into new first- and second-lien secured term loans to refinance existing term loans and pay a dividend to equity holders. Previously, the company used proceeds from the sale of Henry's Holdings LLC to pay down debt. We are affirming our 'B-' corporate credit rating on Smart & Final Holdings Corp. As a result of the debt reduction, we are raising the issue-level rating on the company's outstanding first-lien term loan to 'B+' from 'B' and revising the recovery rating on the debt to '1' from '2'. At the same time, we are raising the issue-level rating on the second-lien term loan to 'CCC+' from 'CCC' and revising the recovery rating...

Companies mentioned in this report are:
- Smart & Final Holdings Corp.
- Smart & Final Stores LLC

Action: Affirmed
Action: Upgraded

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors READ MORE >

- Smart & Final Holdings Corp.
- Smart & Final Stores LLC

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