...November 6, 2020 - U.S.-based PetSmart Inc.'s attempted refinancing, which would have significantly reduced its outstanding debt, was unsuccessful. - Therefore, we are lowering our issuer credit rating on PetSmart to 'B-' from 'B'. - Our 'B' issue-level rating on the company's existing secured debt and our '###+' issue-level rating on its existing senior unsecured debt remain unchanged. - The positive outlook reflects our expectation PetSmart's leverage will continue to decline toward 6x and incorporates our view that the company will pursue another refinancing in advance of its term loan maturity becoming current, which could lead to accelerated deleveraging. NEW YORK (S&P Global Ratings) Nov. 6, 2020--S&P Global Ratings today took the rating actions listed above. The downgrade follows the company's unsuccessful attempt to complete a holistic refinancing of its capital structure, which would have substantially reduced its funded debt. We upgraded PetSmart to 'B' on Oct. 20, 2020, on our...
