News is not good for Guitar Center. The guitar music instrument big box retailer was just downgraded again by S&P deeper into junk bond status to CCC-. This designation basically means they have little or no prospect of making good on debts and default is "imminent". This is as low of a rating as a company can have and not actually be in default on debts.
[CORRECTION: downgrade was not on the 5th. It was last week. Also, according to Moody's website, they downgraded GC to Caa1 from B3, so that's even worse than reported.]
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