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Guitar Center Downgraded After Distressed-Debt Exchange

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Guitar Center Inc. was hit by ratings downgrades after the pandemic-pressured retailer of musical instruments said it had agreements with lenders to exchange some of its debt in an effort to preserve cash.

S&P Global Ratings and Moody’s Investors Service knocked down the company’s ratings after a distressed exchange that allowed the operator of hundreds of stores to deal with interest payments.

Moody’s…

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