Moody’s changes Petco view to positive

Moody’s Investors Service said it changed the outlook for Petco Animal Supplies, Inc.’s to positive.

Moody’s also affirmed the company’s corporate family rating and the probability of default rating at Caa1 and Caa1-PD. Additionally, Moody’s affirmed the company’s senior secured term loan at B3.

“Petco’s operating performance has been above expectations in the first half of 2020 despite the disruption caused by the coronavirus pandemic, demonstrating the resilience of the pet products business,” Mickey Chadha a Moody’s vice president stated, in a press release.

“The positive outlook reflects that we expect momentum to continue over the next 12 months due to the growth in pet ownership and Petco’s increasing e-commerce penetration coupled with the improving services business,” Chadha said.

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