Standard & Poors will issue a D rating on Academy as a result of it purchasing its own debt at a discount, but it also noted that it planned to review that rating next week with the intention of restoring the CCC+ rating that the retailer had previously. Its rationale for the downgrade was its purchase of its own debt at a discount several months ago, which prompted a notice by Moody’s that it was considered a distressed exchange. Academy points out that the debt is publicly traded and anyone could have bought it at that price and it remains ... Log in to view full article.