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Article Date: June 2019
Word Count: 476

Academy Downgraded on Debt Deal despite Recent Progress

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.


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