What Is Credit Ratting At Rite Aid?

Rite Aid, a US-based drugstore retailer, recently completed a tender for its 2025 bonds, which resulted in a ‘C’ rating. Fitch views the tender offer as a DDE, requiring bondholders to consider a below-par rating. Rite Aid’s Long-Term Issuer Default Rating (IDR) was downgraded to ‘D’ from ‘CCC’ by Fitch Ratings. This announcement provides regulatory disclosures regarding the credit rating action on the support provider.

Rite Aid has paid down additional debt through sales of script files at closed stores and expects to pay down more this year with free cash flow. Its ‘B-‘ rating incorporates its weak position in the relatively stable U.S. drug retail business, limited negative FCF generation, and high lease adjusted rate.

S and P Global Ratings downgraded Rite Aid Corp to ‘CCC-minus’ from ‘CCC-plus’ on increased risk from restructuring. Moody’s Investors Service downgraded Rite Aid’s LT-local currency credit rating from ‘Caa2’ to ‘Caa3’ on October 16, 2023. The FRISK® score marked Rite Aid Corporation as having a 10-to-50x greater risk of going bankrupt relative to the average publicly traded company.

Rite Aid’s credit rating reflects its relatively thin EBITDA margin and highly leveraged balance sheet. S and P Global Ratings withdrew the Foreign Currency LT credit rating for Rite Aid on November 21, 2023, previously rated “D”.

Does Rite Aid have debt?

As of August 2023, the aggregate debt reflected on the balance sheet is $6. 58 billion.

What is Goldman Sachs credit rating?

Fitch Ratings has reaffirmed the Long- and Short-Term Issuer Default Ratings (IDRs) of the Goldman Sachs Group at “A” and “F1,” respectively, and its Viability Rating (VR) at “a,” with the outlook designated as stable.

What is the Rite Aid scandal?

The US government has filed a complaint alleging that Rite Aid knowingly dispensed at least hundreds of thousands of unlawful prescriptions for controlled substances from May 2014 to June 2019. These prescriptions included the dangerous “trinity” combination of drugs, excessive quantities of opioids, and prescriptions issued by prescribers identified as suspicious. The government claims that Rite Aid filled these prescriptions despite clear “red flags” that indicated the prescriptions were unlawful.

Rite Aid also allegedly ignored substantial evidence of its stores dispensing unlawful prescriptions and intentionally deleted internal notes about suspicious prescribers. The government alleges that Rite Aid violated the CSA and the Federal Food and Drug Administration (FDA) by knowingly dispensing unlawful prescriptions for controlled substances. The complaint names Rite Aid Corporation, Rite Aid Hdqtrs Corp., Rite Aid of Connecticut Inc., Rite Aid of Delaware Inc., Rite Aid of Maryland, Rite Aid of Michigan, Rite Aid of New Hampshire, Rite Aid of New Jersey, Rite Aid of Ohio, Rite Aid of Pennsylvania, and Rite Aid of Virginia as defendants.

The Department of Health and Human Services Office of Inspector General (HHS-OIG) is entering into a Corporate Integrity Agreement with Rite Aid, which includes a prescription drug claims review to have an Independent Review Organization determine whether prescription drugs are properly prescribed, dispensed, and billed.

What is JP Morgan’s credit rating?

JPMorgan Chase and Co. is poised to issue trailing 12-month senior and subordinated benchmark debt, with ratings spanning the spectrum from stable to positive.

What is the credit rating scale?

A credit score between 300 and 850 is generally considered good, with a score of 700 or above. A score of 800 or above on the same range is considered excellent. Most consumers have credit scores between 600 and 750. In 2023, the average FICO® Score in the U. S. reached 715. A good credit score can help qualify for a credit card or loan with lower interest rates and better terms. However, different lenders use their own criteria for deciding whom to lend to and at what rates.

Achieving a good credit score can help you qualify for a credit card or loan with better terms. To improve your credit score, it is essential to understand what qualifies as a good credit score, what impacts your credit, and how to improve your credit.

Which rating is better, A+ or AA?

The letter-based rating system is further broken down by numbers or symbols, such as AA+, AA-, and Aa1 for S, P, and Fitch. Moody’s uses numbers to indicate relative quality, with Aa1 being the best Aa rating. Bond ratings chart comparisons show that triple-A bonds are considered safe investments, but credit quality decreases and risk increases. Debt rated below BBB- pays higher interest rates but has a greater risk of default.

Is Rite Aid losing money?

Rite Aid, a US pharmacy chain, has reported a $307 million loss between March and May 2023, and a loss of about $3 billion over the past six years. The company, which employed over 6, 100 pharmacists and operated 2, 100 retail pharmacy locations across 17 states, plans to close 154 stores nationwide. It now operates around 1, 416 stores in 16 states. Rite Aid also sold off some of its businesses, including its Elixir Solutions business, to MedImpact Healthcare Systems for $577 million in February. The company’s bankruptcy court documents indicate a significant reduction in its footprint.

What is Wells Fargo’s credit rating?

Wells Fargo and Company has furnished credit ratings for a number of its financial instruments, including long-term and short-term issuer ratings, senior unsecured ratings, and subordinated ratings. It should be noted that the aforementioned ratings are provided for informational purposes only and are subject to change at any time based on various quantitative and qualitative factors. The ratings are as follows: AA (low), BBB+, R-1 (middle), A-2 (senior), and BBB (high).

Which companies are AAA rated?

Credit ratings are financial indicators used by credit rating agencies like Moody’s, Standard and Poor’s, and Fitch to assess the risk quality of debt securities like bonds. These ratings are assigned by Moody’s into various categories, such as Aaa, Aa, A, Baa, Ba, B, Caa, Ca, C, WR, and NR for withdrawn and not rated, respectively. Standard and Poor’s and Fitch assign bond credit ratings in broader classes called “investment grade” or not.

Agency ratings often include indications of future upgrades or downgrades over the medium term. For example, Moody’s designates an Outlook for a given rating as Positive, Negative, Stable, or Developing. A bond is considered investment grade or IG if its credit rating is BBB− or higher by Fitch Ratings or S and P, or Baa3 or higher by Moody’s. These ratings are considered likely enough to meet payment obligations that banks are allowed to invest in.

What companies have AAA credit rating?

Credit ratings are financial indicators used by credit rating agencies like Moody’s, Standard and Poor’s, and Fitch to assess the risk quality of debt securities like bonds. These ratings are assigned by Moody’s into various categories, such as Aaa, Aa, A, Baa, Ba, B, Caa, Ca, C, WR, and NR for withdrawn and not rated, respectively. Standard and Poor’s and Fitch assign bond credit ratings in broader classes called “investment grade” or not.

Agency ratings often include indications of future upgrades or downgrades over the medium term. For example, Moody’s designates an Outlook for a given rating as Positive, Negative, Stable, or Developing. A bond is considered investment grade or IG if its credit rating is BBB− or higher by Fitch Ratings or S and P, or Baa3 or higher by Moody’s. These ratings are considered likely enough to meet payment obligations that banks are allowed to invest in.

What is the Triple AAA rating?

The highest credit quality, AAA ratings indicate the lowest default risk and are assigned to cases with exceptionally strong financial commitment and payment capacity, which are unlikely to be adversely affected by foreseeable events.