...NEW YORK (S&P Global Ratings) Sept. 29, 2016--S&P Global Ratings said today that its '##-' issue-level rating and '2' recovery rating on PetSmart Inc.'s $4.3 billion first-lien secured term loan B is unaffected by the company's announcement that it is seeking to reprice the facility. The '2' recovery rating indicates our expectation for substantial recovery if a payment default occurs. Our recovery expectations remain in the lower half of the 70% to 90% range. The repricing will modestly reduce PetSmart's interest costs, but does not meaningfully affect credit ratios or our recovery analysis. All other ratings, including the 'B+' corporate credit rating and stable outlook, on the company remain unchanged. The rating reflects our view that the company will continue to generate good cash flow and that credit measures will be stable, with adjusted debt to EBITDA in the mid-5x area and EBITDA interest coverage at about low- to mid-3x area over the next 12 months as same-store sales remain in...
