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Recovery Report: Claire's Stores Inc.'s Recovery Rating Profile Feb 11
Standard & Poors, February 2011
Standard & Poor's Ratings Services' issue-level ratings on the debt of Claire's Stores Inc. are as follows: The rating on the revolving credit facility and secured term loan is 'B' (one notch above the corporate credit rating on the company) with a recovery rating of '2', indicating the expectation for substantial (70%-90%) recovery in the event of a payment default. The rating on the $400 million second-lien notes is 'CCC' (two notches below the corporate credit rating) with a recovery rating of '6', indicating that lenders can expect negligible (0%-10%) recovery in the event of a payment default. The ratings on the $350 million variable-rate paid-in-kind (PIK) toggle notes and $250 million 9.25% unsecured notes are 'CCC' (two notches below...
Companies mentioned in this report are: Claire's Stores Inc.
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: Full Analysis
Claire's Stores Inc.