Moody's cuts Pier 1

Moody's Investors Service said it assigned a Ba2 corporate family rating to Pier 1 and downgraded its unsecured issuer rating to Ba3 from Baa3, concluding a review for possible downgrade initiated in June.

Moody's will be withdrawing the unsecured issuer rating for business reasons.

The outlook is negative.

Moody's said the rating action follows Pier 1's deteriorating credit metrics, triggered by a continued decline in same-store sales over the last two years, and Moody's expectation that same-store sales will likely be slow to rebound over the near term.

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