Moody's downgrades Rite Aid's PDR to D-PD following Chapter 11 filing
Moody's Investors Service (Moody's) downgraded Rite Aid Corporation's ("Rite Aid") probability of default rating ("PDR") to D-PD from Caa3-PD. Moody's also downgraded the company's corporate family rating ("CFR") to Caa3 from Caa2, its senior secured ABL revolving credit facility rating to Caa1 from...Rite Aid is a pharmacy retail healthcare company. The company operates through its two reportable segments: Retail Pharmacy, which sells brand and generic prescription drugs, as well as an assortment of front-end products including health and beauty aids, personal care products, seasonal merchandise, and a private brand product line; and Pharmacy Services, which provides pharmacy benefit management (PBM) options through its EnvisionRxOption and MedTrak PBMs, as well as mail-order and specialty pharmacy services and cash pay infertility discount drug program via Design Rx, among others.
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