...PetSmart's B1 Corporate Family Rating favorably reflects the company's position as the largest specialty retailer of pet food, supplies and services in the U.S., with a well-known brand and broad national footprint. The company's sizeable services offering provides a highly defensible market position. The pet products industry in general remains relatively recession-resilient, driven by factors such as the replenishment nature of consumables and services and increased pet ownership, driving the company's ability to sustainably grow revenue, expand profitability, and generate positive free cash flow. The rating is also further supported by the expectation for very good liquidity, as internally generated cash is expected to be more than sufficient to cover cash flow needs over the next twelve months, including sizeable interest expense, working capital and capital spending, with excess cash flow used for debt reduction. The B1 rating also reflects PetSmart's high debt and leverage stemming...