Edcon (Proprietary) Proposed Notes Assigned 'B' Rating, Recovery Rating '2'; 'B' Rating On Existing Notes Affirmed Feb 11
- ID: 1858832
- February 2011
- Standard & Poors
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: New Rating
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.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.