S&P drops Neiman Marcus to D

S&P said it downgraded the ratings for the Neiman Marcus Group LLC and its debt to D after the company missed an interest payment.

“Recent reports indicate that NMG did not pay interest due on its unsecured notes maturing in October 2021 and we do not expect the company to make the payment. We also do not expect the company to make future interest payments and believe NMG will pursue a comprehensive out-of-court or in-court restructuring,” said S&P in a press release.

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