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S&P lowers BI-LO
Standard & Poor's said it lowered the corporate credit rating on BI-LO LLC to B- from B.
The outlook remains negative.
According to the agency, the rating change reflects its concern regarding BI-LO's ability to refinance its existing $260 million term loan and $100 million asset-based revolver when they come due in March 2009 given the current lack of liquidity in the credit markets for speculative-grade credits.
In addition, the agency said it expects the EBITDA cushion over financial covenants - already thin as of the second quarter ended July 12 - to narrow as of the third quarter when covenants become more restrictive.
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