Edcon (Proprietary) Proposed Notes Assigned 'B' Rating, Recovery Rating '2'; 'B' Rating On Existing Notes Affirmed Feb 11

  • ID: 1858832
  • February 2011
  • Standard & Poors
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  • Edcon Holdings Ltd.
  • Edcon Ltd.
  • MORE

LONDON (Standard & Poor's) Feb. 21, 2011--Standard & Poor's Ratings Services said today that it assigned its 'B' issue rating to the proposed senior secured notes to be issued by Edcon (Proprietary) Ltd., the subsidiary of South Africa-based clothing and footwear retailing group Edcon Holdings (Proprietary) Ltd. (Edcon; B-Stable/--). At the same time, we assigned a recovery rating of '2' to the proposed notes, indicating our expectation of substantial (70%-90%) recovery in the event of a payment default. In addition, we affirmed the issue rating on the existing €1.18 billion senior secured notes due 2014 at 'B'. The recovery rating on these notes is unchanged at '2'. We also affirmed the issue rating on the senior unsecured notes due 2015...

Companies mentioned in this report are:
- Edcon Ltd.
- Edcon Holdings Ltd.

Action: Affirmed
Action: New Rating

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Research type: News
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2 of 3

- Edcon Ltd.
- Edcon Holdings Ltd.

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