Research Update: Totes Isotoner Corp. Corporate Credit Rating Affirmed At 'B' For Refinancing And Dividend Payment; Outlook Stable Jun 11
- ID: 1825368
- June 2011
- Standard & Poors
U.S.-based totes Isotoner Corp. is recapitalizing to extend maturities and pay a $45 million dividend to owners. Credit metrics weaken but remain in line with 'B' category medians. We are affirming our 'B' corporate credit rating on totes Isotoner. We are assigning issue-level ratings on the senior first-lien debt of 'B' and the senior second-lien debt of 'CCC+'. The rating outlook is stable, reflecting our opinion that the company will maintain adequate liquidity and credit metrics near its current levels over the near term. On June 15, 2011, Standard & Poor's Ratings Services affirmed its 'B' corporate credit rating on Cincinnati, Ohio-based totes Isotoner Corp. The rating outlook is stable. In addition, we assigned a 'B' issue-level rating on totes...
Companies mentioned in this report are: totes Isotoner Corp.
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