S&P cuts Linens

Standard & Poor's said it lowered its ratings on Linens 'n Things Inc., including its corporate credit rating, to D from CCC+.

The downgrade follows Linens' announcement that it has deferred its April 15 quarterly interest payment on its senior secured floating-rate notes due 2014, the agency said.

Linens has experienced poor operating performance, exacerbated by reduced consumer spending in the home sector, the agency said.

In addition, vendors have imposed significantly more restrictive payment terms on Linens, S&P noted.

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