PetSmart downgraded by S&P after Chewy transfer

S&P Global Ratings knocked a notch off pet food retailer PetSmart’s corporate credit rating on Thursday, citing the firm’s ‘unsustainable’ capital structure and the increased risk of a distressed debt exchange after a portion of its subsidiary Chewy was transferred to private equity sponsors.

  • By David Bell
  • 14 Jun 2018

S&P lowered PetSmart’s corporate rating from CCC+ to CCC with a negative outlook, reflecting the rating agency’s view that a further downgrade would occur if the company conducts a distressed debt exchange.

“We view PetSmart's capital structure as unsustainable given our forecast for continued declines in Ebitda, which ...

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