- Published: May 2012
Research Update: Spencer Spirit Holdings Inc. Assigned 'B' Corporate Credit Rating; Senior Secured Notes Also Rated 'B'
- Standard & Poors
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.
Harbor Township, N.J.-based specialty retailer Spencer Spirit Holdings recently issued $175 million in secured notes, using the proceeds to refinance existing debt and pay a $113 million dividend to shareholders. After receiving final documents, we are assigning our 'B' corporate credit rating to the company. We are also assigning a 'B' issue-level rating and a '4' recovery rating to the company's $175 million senior secured notes due 2017. The stable outlook reflects our expectation that credit measures will improve slightly over the next several quarters, but remain in line with the 'B' rating because of benefits from store expansion and remodeling. After receiving final documents, on May 4, 2011, Standard & Poor's Ratings Services assigned its 'B' corporate credit rating...
Companies mentioned in this report are: Spencer Spirit Holdings Inc.
Action: Outlook: Stable
SHOW LESS READ MORE >
Spencer Spirit Holdings Inc.
|Electronic||The report will be emailed to you.|