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I noticed this evening a news report from Moody's on a review of WAG and a possible credit downgrade. It is specifically addressing their long-term debt which is currently rated at Aa3 or investor grade.

The report noted that Moody's was concerned that the company would not be able to improve its retained net cash flow-to-debt ratio to the level needed to maintain the Aa3 status. This concern is based primarily on slowing same store sales.

Is this Moody's just being too sensitive because of their botched handling of other credit ratings earlier this year or is there more to this?
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