S&P affirms Lenox; outlook negative

Standard & Poor's said it affirmed its CCC+ corporate credit rating on Lenox Group Inc.

In addition, S&P said it revised its outlook on the rating to negative from developing.

"The outlook revision reflects our concern with the company's ongoing operating challenges despite its ability to receive an amendment and restore near-term liquidity," said S&P credit analyst Bea Chiem.

"The ratings on Lenox Group reflect its poor operating performance, declining channel sales and leveraged financial profile."

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