AMERICAN STORES CO. DEBT UPGRADED BY STANDARD & POOR'S CORP.
SALT LAKE CITY, Aug. 13 /PRNewswire/ -- American Stores Co. (NYSE: ASC) announced today that its senior and subordinated debt and its commercial paper were upgraded by Standard & Poor's Corp. on Aug. 12, 1993. The senior debt was upgraded from BBB- to BBB; the subordinated debt was upgraded from BB+ to BBB-; and the commercial paper was upgraded from A-3 to A-2. "We are very pleased by the upgrades," said Victor L. Lund, president and chief executive officer of American Stores Co. "These moves reinforce the company's long-term strategy to improve its capital structure and focus on internal growth." An important element in the company's overall strategy has been the recent refinancing of certain bank debt, which lowered interest expense and provided additional financial flexibility. American Stores Co. is one of the nation's leading food and drug retailers. Its principal food store operations are Lucky Stores, headquartered in San Leandro and Buena Park, Calif; Jewel Osco, headquartered in Albuquerque, N.M.; Jewel Food Stores, headquartered in Melrose Park, Ill.; Acme Markets, headquartered in Malvern, Pa.; and Star Market, headquartered in Cambridge, Mass. The drug store operations are Osco Drug, headquartered in Oak Brook, Ill.; and Sav-on drugs, headquartered in Anaheim, Calif. -0- 08/13/93 CONTACT: Meredith Anderson, VP-public, government & investor relations of American Stores, 801-539-0112 (ASC) CO: AMERICAN STORES CO.; STANDARD & POOR'S CORP. IN: REA SU: RTG ST: UT
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