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S&P: Jo-Ann Stores on watch
Standard & Poor's said it placed the corporate credit rating on Jo-Ann Stores Inc. on CreditWatch with negative implications.
The action is a result of the company's agreement to be acquired by an affiliate of Leonard Green & Partners LP for $1.6 billion.
This transaction could weaken Jo-Ann Stores' financial risk profile because of the potential to be funded with a significant amount of debt, resulting in credit protection measures that are considerably weaker than current levels, S&P said.
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