Lord & Taylor Holdings LLC Assigned 'B+' Corporate Credit Rating; Proposed Term Loan Assigned 'BB' Rating Jan 12
- Language: English
- Published: January 2012
U.S. specialty-retail department store chain Lord & Taylor is refinancing its existing capital structure. After receiving final documents and reviewing the terms, we are assigning our 'B+' corporate credit rating to the company. We are also assigning our 'BB' issue-level rating with a '1' recovery rating to the company's proposed $450 million term loan. The stable outlook reflects our expectations that the company will demonstrate performance gains over the near term, but at a lower rate given the difficult economy. On Jan. 24, 2012, Standard & Poor's Ratings Services assigned its 'B+' corporate credit rating to New York City-based Lord & Taylor Holdings LLC. The outlook is stable. At the same time, we assigned our 'BB' issue-level rating and '1'...
Companies mentioned in this report are: Lord & Taylor Holdings LLC
Action: New Rating
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Lord & Taylor Holdings LLC