...NEW YORK (S&P Global Ratings) June 26, 2020--S&P Global Ratings today lowered its issue-level ratings on Albertsons Companies Inc.'s Safeway and New Albertsons LP (NALP) notes to 'B-' with a '6' recovery rating, indicating our expectation for negligible recovery to lenders (0%-10%; rounded estimate: 0%). Our Albertsons issuer credit rating (B+/Stable/--) and all other Albertsons issues-level ratings remain unchanged. The ratings on the Safeway notes had been '##-' with a '2' recovery rating, indicating our expectation of 70%-90% recovery; and the ratings on the NALP notes had been 'B+' with a '3' recovery rating, indicating our expectation of 50%-70% recovery. The company priced an initial public offering yesterday and previously issued $1.75 billion in convertible preferred equity to Apollo Global Management Inc., using proceeds to redeem shares of existing Albertsons common stock. Upon conversion, preferred investors would own 17.5% of Albertsons, assuming a $10 billion equity valuation...
