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Albertsons Companies, Inc. -- Moody's assigns B3 rating to Albertsons new notes

Moody's Investors Service ("Moody's") today assigned a B3 rating to Albertsons Companies, Inc. proposed new $500 million senior unsecured notes. "While the company's latest quarter results show topline momentum and improved profitability, pro forma leverage for the current fiscal year will remain high at around 6.3 times despite meaningful debt reduction," said Moody's Vice President - Senior Credit Officer Mickey Chadha. "The highly competitive and promotional pricing environment in the food retailing industry makes a sustained material improvement in topline and metrics difficult and uncertain, thus while we expect improvement in credit metrics, leverage will remain above 6.0 times over the near term," Chadha further stated.