NEW YORK — Although the capital structure of a merged A&P and Pathmark has not yet been determined, Standard & Poor’s here said the pending deal should generate a better corporate credit rating than the “B-” level it currently ranks A&P. S&P this week changed its outlook on A&P, Montvale, N.J., from “developing” to “positive” — the first step toward a rating upgrade — citing proceeds from its recently announced sale of Sav-A-Center division in New Orleans and what it called “limited downside” of the pending Parthmark merger.
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