...- U.S.-based hard-discount grocer Moran Foods LLC (doing business as Save-A-Lot) reduced its debt by more than $400 million and raised new capital in April 2020 as part of its recapitalization transaction. - Now that the transaction is complete, we are raising our issuer credit rating on Moran Foods to 'B-' from '##' (selective default). We are also withdrawing our issuer credit rating on SAL Acquisition Corp. due to the change in the company's organizational structure. - At the same time, we are assigning our 'B+' issue-level rating to Moran Foods' new $15 million supersenior delayed-draw term loan facility due 2023, our 'B-' issue-level rating to its new $139 million first-lien term loan due 2024, and our '###' issue-level rating to its new $180 million second-lien term loan due 2024. - The negative outlook reflects that the execution risk related to its ongoing business transformation plan and the intense competition in the grocery retail market could suppress its cash generation, constrain...
