...November 7, 2019 NEW YORK (S&P Global Ratings) Nov. 7, 2019--S&P Global Ratings today assigned its '##-' issue-level rating and '2' recovery rating to Albertsons Cos. Inc.'s proposed $500 million senior unsecured notes due 2027. The '2' recovery rating indicates our expectation for substantial recovery to lenders (70%-90%; rounded estimate: 85%). Our issuer credit rating (B+/Stable/--) on the company and all other issue-level ratings are unchanged. Albertsons will use the proceeds from the new 2027 notes to repay nearly $500 million in term loan B-7, reducing the balance for that debt to about $1 billion. Albertsons' earnings for the second quarter ended Sept. 7, 2019, came in slightly ahead of our expectations, with 2.4% identical sales and a 30-basis-point increase in gross margin excluding the impact of fuel. This margin lift was due to lower shrink expense as a percentage of sales and higher private-label product penetration. S&P Global Ratings' lease-adjusted leverage for the latest...
