Reply to a comment  Reply to this comment  cejensen writes:  PFJ
credit had already been down graded earlier last year as PFJ had
borrowed hundreds of millions of dollars, twice in the previous
18 months, to pay a special dividend (to the Haslams) which
totaled close to $1B, the same as the purchase price of the
Browns.  The rating agencies were not enthused about Haslam
loading down PFJ with debt to make a vanity purchase by buying
the Browns. In downgrading FPJ debt, the agency said the
business was sound but they apparently didn't believe it in the
debt-holders interest to see the money invested in a personal
purchase instead of in the company.  The current on-review
notice appears to be concerned with the damage to PFJ if large
numbers of senior people end up having to take a permanent
leave.