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Research Update: Totes Isotoner Corp. Corporate Credit Rating Affirmed At 'B' For Refinancing And Dividend Payment; Outlook Stable Jun 11 Product Image

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

Abstract
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.
Action: Affirmed

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.

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totes Isotoner Corp.

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