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Moody's lowers Claire's
Moody's Investors Service said it downgraded Claire's Stores, Inc.'s long-term ratings, including its probability of default rating to Caa3 from Caa1.
The speculative-grade liquidity rating of SGL-4 is affirmed, the agency said.
The outlook remains negative.
This rating action reflects Claire's third quarter free cash flow deficit coming in well below Moody's expectations.
The agency added that the downgrade also reflects Moody's expectation for continued poor performance given the current weak economic environment while Claire's Caa3 corporate family rating is primarily driven by the company's on going free cash flow deficits and its very weak credit metrics as a result of its heavy debt load.
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