On November 6, 2020, S&P Global Ratings lowered its issuer credit rating on PetSmart, Inc. to B- from B and kept its B rating on the Company's existing secured debt and its CCC+ rating on its existing senior unsecured debt. The downgrade follows the Company's unsuccessful attempt to complete a holistic refinancing of its capital structure, which would have substantially reduced its funded debt, according to the ratings agency. Due to the Company's decision to pull the refinancing, citing unfavorable market conditions, S&P Global expects its leverage to be above 6x and note that its fast approaching debt maturities remain unaddressed.

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