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S&P rates Duane Reade floaters CCC-
Standard & Poor's said it assigned its CCC- rating to Duane Reade Inc.'s proposed $50 million senior floating-rate notes due 2010, which are being issued under Rule 144A with registration rights.
Existing ratings on Duane Reade, including the CCC- corporate credit rating, were affirmed, S&P noted. The outlook is negative.
Ratings reflect Duane Reade's leveraged capital structure, thin cash flow protection measures, weak financial flexibility and narrow geographic focus, the agency said.
S&P said the company's operating margin fell to 11.8% in 2004 from 12.5% the previous year and a high of 16.4% in 2000.
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