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BCBG Max Azria Group Inc.
Standard & Poors, May 2011
Abstract
Good brand recognition; and Relatively diversified distribution channel. Less than adequate liquidity; Highly leverage financial risk profile; and High reliance on founder Max Azria. The ratings on Vernon, Calif.-based BCBG Max Azria Group Inc. reflect Standard & Poor's Ratings Services' belief that liquidity will improve to less than adequate from weak after the completion of the refinancing, with an extended maturity profile and adequate covenant headroom. It also reflects our expectations that although revenue will likely weaken in fiscal 2011, operating performance and credit metrics should remain relatively stable in 2011, benefiting from higher operating margins as a result of better product mix and a gradually improving economy. The company's financial risk profile is highly leveraged. Credit metrics have remained...
Companies mentioned in this report are: BCBG Max Azria Group Inc.
Action: Review
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.
Research Type: Full Analysis
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