S&P: IT notes recovery rating 5

Standard & Poor's said it assigned its recovery rating of 5 to the €150 million senior notes issue maturing in 2012 of IT Holding Finance SA, a wholly owned subsidiary of IT Holding SpA (B+/negative/--).

At the same time, S&P affirmed its B+ senior secured debt rating on the issue.

S&P said the recovery rating reflects the lack of meaningful security and the difficulty in realizing value in a default scenario.

The rating on IT Holding reflects the company's leveraged financial profile, limited financial flexibility and exposure to both license renewal risk and changing consumer preferences in the mid-price segment of the fashion apparel industry.

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