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Barneys New York Inc. Downgraded To 'CC' From 'CCC' On Unsustainable Capital Structure; Outlook Negative Feb 12
Standard & Poors, Feb 2012
Abstract
New York-based luxury retailer Barneys New York has hired a restructuring advisor to address its capital structure, which we view as unsustainable. We believe that the company is highly vulnerable to default or selective default, given significant debt maturities in September 2012. We are lowering the corporate credit rating to 'CC' from 'CCC'. The negative outlook reflects our view that an eventual restructuring is a likely outcome. NEW YORK (Standard & Poor's) Feb. 9, 2012--Standard & Poor's Ratings Services said today that it lowered the corporate credit rating on Barneys New York to 'CC' from 'CCC'. At the same time, we lowered the issue-level rating on the company's second-lien debt to 'C' from 'CCC-'. The recovery rating is '5'. The...
Companies mentioned in this report are: Barneys New York Inc.
Action: Downgraded
Action: Outlook: Negative
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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