Vons’ Bonds Upgraded: Standard & Poor’s upgraded...
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From Times Staff and Wire Reports
Vons’ Bonds Upgraded: Standard & Poor’s upgraded its rating on $470 million in junk bonds issued by the Southern California supermarket chain. The ratings agency cited Vons’ “improved operating performance and cash flow protection” since acquiring 162 Safeway stores in 1988. S&P; said, however, the company’s debt is still relatively high and “remains a concern.” The bond rating was raised to single-B from single-B-minus.
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