By Stephen Nacrosis
Shares of Bed Bath & Beyond declined near the end of Friday’s regular session, after Moody’s Investors Service said it downgraded the company’s corporate family rating to Ca from Caa2.
Moody’s also said it changed its outlook on the company to stable from negative.
“Bed Bath’s Ca corporate family rating reflects the very high likelihood of a default over the next 12 months,” Moody’s said.
At 3:35 pm ET, shares of Bed Bath & Beyond slid 7.16% to $5.45 each. Volume was just over 4.7 million shares. The stock’s 65-day average volume is just above 44 million shares.
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