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Burlington Coat Factory Recovery Ratings Revised To '3'; Issue Level Rating Unchanged At 'B-' Nov 11
Standard & Poors, Nov 2011
Abstract
NEW YORK (Standard & Poor's) Nov. 22, 2011--Standard & Poor's Ratings Services said today that it revised the recovery rating on Burlington, N.J.-based Burlington Coat Factory Warehouse Corp.'s $1.0 billion senior secured term loan B due Feb. 23, 2017, to '3' from '4'. The '3' recovery rating indicates that lenders should receive meaningful (50% to 70%) recovery of principal in the event of a default. The 'B-' issue-level rating remains the same as the corporate credit rating. The change in our recovery analysis reflects our revised expectation of the recovery prospects because of the company's repayment of principal under the term loan. (For the complete recovery analysis, see the recovery report on Burlington Coat Factory, to be published as soon...
Companies mentioned in this report are: Burlington Coat Factory Warehouse Corp.
Action: Upgraded
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.
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