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SANFORD, N.C. -- Standard & Poor's Ratings Services has affirmed The Pantry Inc.'s ratings following the company's announcement that it intends to acquire the Golden Gallon convenience store chain.
The Sanford, N.C.-based convenience store operator's corporate credit rating is 'B+' and the outlook is stable, according to Standard & Poor's. The Pantry operates more than 1,400 convenience stores in 10 states.
The Pantry last month announced it had inked a definitive agreement to buy the Golden Gallon chain from Ahold USA. The acquisition brings to The Pantry a company that operates 138 locations in Tennessee and Georgia and that did $375 million in revenue in the year that ended December 2002.