- Language: English
- 175 Pages
- Published: July 2010
- Region: United States
Recovery Report: Express Inc.'s Recovery Rating Profile Jun 11
- Published: June 2011
- Standard & Poors
Standard & Poor's Ratings Services has completed a review of the recovery and issue-level ratings assigned to Columbus, Ohio-based Express Inc.'s term loan and senior notes. We raised the issue-level ratings on both tranches following the raising of the corporate credit rating, while the recovery ratings remain unchanged. Our recovery analysis incorporates a simulated default scenario that contemplates a default occurring in 2014 as a result of protracted economic volatility and a resultant weak consumer spending environment, as well as meaningful margin deterioration due to ineffective merchandising and increased competitive pressure. Express Inc.'s capital structure consists of a $200 million asset-based revolving (ABL) credit facility due 2012 (unrated), a $125 million term loan due 2014, and $250 million 8.75% senior...
Companies mentioned in this report are: Express Inc.
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