Rite Aid Message Board - Msg: 17129102

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Non-Tech : Rite Aid

RAD 0.648

0.0%

Oct 16 5:00 PM EST

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To: Marty Rubin who started this subject	2/28/2002 1:33:00 PM
From: Marty Rubin	of 42

Feb 27: S&P Said Amendment has No Impact Posted on Yahoo! by: gimmethe2iron 02/27/02 10:51 pm "(Press release provided by Standard & Poor's) NEW YORK, Feb 27 - Standard & Poor's said today that Rite Aid Corp.'s (B/Positive/--) amendment to its senior secured credit facility has no impact on the company's credit rating or outlook. The amendment allows the company to issue senior secured notes to settle the consolidated securities class action and derivative lawsuits against it. In addition, the amendment reset the covenant levels to allow Rite Aid more operating flexibility for the life of the credit facility (which matures in March 2005). Standard & Poor's views the looser covenants as positive because they give the company more leeway to orchestrate its turnaround strategy." __ Marty's Note: I was hoping for "no change." Moody's spoiled the party (a runup that was caused by filing of insider buys) when CVS reported weak earnings, which was a month after RAD reported. One of the reasons M gave, that RAD needs to close poor stores, was clearly not inline with what the co had been doing last month (sold or closed ~100 --please double-check). S&P also paid more attention to the flexibility RAD will now have (which is what I was looking for). It shows you which of the two (Moody's vs. S&P) has the brains.

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