Ailing Rite Aid Corp.’s bonds slipped further into distressed territory, as its 10.5% senior secured notes, worth approximately $463 million, fell another three points to close at 65 cents on the dollar, as of Oct. 17. Yet, David Novosel, a high yield analyst with Banc One Capital Markets attributed the decline to overall weakness in the equity and corporate markets. Credit spreads have been widening in the bond market and are more pronounced among BB-rated and BBB-rated bonds, he said.
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