Research Update: Yankee Candle Co. Inc. (The) 'B' Corporate Credit Rating Affirmed; Proposed $315 Million Toggle Notes Rated 'CCC+' Feb 11
Standard & Poors, February 2011
Abstract
U.S.-based The Yankee Candle Co. Inc. plans to issue debt through its indirect parent company, YCC Holding LLC, in a private placement transaction to fund a distribution to shareholders. We are affirming our 'B' corporate credit rating on Yankee Candle and assigning a 'CCC+' issue-level rating and a '6' recovery rating to the company's proposed $315 million senior PIK toggle notes due 2016. At the same time, we are raising the issue level rating on the company's 8.5% senior unsecured notes due 2015 to 'B' from 'B-'. The rating outlook is stable, reflecting our expectation that the company will modestly improve credit measures over the next year. If the company increases the proposed transaction above $315 million, then we would...
Companies mentioned in this report are: Yankee Candle Co. Inc. (The),YCC Holdings LLC,Yankee Finance, Inc.
Action: Affirmed
Action: New Rating
Action: Outlook: Stable
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.
Yankee Candle Co. Inc. (The),YCC Holdings LLC,Yankee Finance, Inc.
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