Moody's cuts Smart & Final

Moody's Investors Service said it downgraded Smart & Final Holdings Corp.'s corporate family and probability-of-default ratings to B2 from B1, $150 million asset-based revolving credit facility due 2013 to Ba3 from Ba1, $167 million first-lien term loan due 2014 to B2 from B1 and $140 million second-lien term loan due 2014 to Caa1 from B3.

Ratings remain under review for further downgrade.

According to Moody's, the action was prompted by higher-than-expected leverage, lower margins and weak interest coverage.

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