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Ascena Retail Group, Inc. -- Moody's downgrades Ascena's CFR to B1

Ascena's conservative financial policies and good liquidity over the next 12-18 months provide key credit support, including solid positive free cash flow, ample revolver availability and a lack of near term maturities. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating.