Pepsi, Rite Aid Lead Among Credit Upgrades
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PepsiCo Inc. and Rite Aid Corp. led companies that had credit ratings raised this year, pushing the ratio of upgrades to downgrades to the highest since 1998 in the first quarter, Moody’s Investors Service said Tuesday.
About 67 U.S. companies had credit ratings increased in the first quarter, the most since the fourth quarter of 2001, while 90 companies had ratings reduced, the fewest since the third quarter of 1998, when Moody’s cut ratings of 74 companies.
New York-based Moody’s cited higher profits. Stronger earnings mean companies have greater wherewithal to pay their debts.
In addition, firms such as Panavision Inc. and Carmike Cinemas Inc. have bolstered their ratings through equity injections that lowered debt relative to overall capital, Moody’s said.
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