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S&P cuts Whole Foods to BB-
Standard & Poor's said it lowered Whole Foods Market Inc.'s corporate credit rating to BB- from BB.
The outlook is stable.
The agency said the downgrade reflects its expectation that profitability and credit metrics will most likely be unchanged in the next year and that operating lease-adjusted leverage at the end of fiscal 2009 will be in the high 4 times or low 5 times area. Previously, S&P thought profitability and credit metrics would improve in 2009 and that leverage would fall to the mid 4 times area.
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