Moody's downgrades Rite Aid's CFR to Caa2; PDR to Caa3-PD
Moody's Investors Service ("Moody's") today downgraded Rite Aid Corporation's ("Rite Aid") corporate family rating ("CFR") to Caa2 from B3 and its probability of default rating ("PDR") to Caa3-PD from B3-PD. Moody's also downgraded the rating of Rite Aid's senior secured asset based revolving credit...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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