| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers N > Headlines for Nine West Holdings Inc. > News item |
S&P downgrades Nine West
Standard & Poor's said it lowered the corporate credit rating on Nine West Holdings Inc. to CCC+ from B-.
The agency also said it lowered the rating on the company's secured first-lien debt to B from B+; the recovery rating is unchanged at 1, indicating 90% to 100% expected default recovery.
S&P said it lowered the rating on the company's senior unsecured debt to CCC+ from B- and revised the recovery rating to 4 from 3, indicating 30% to 50% expected default recovery.
The agency also said it lowered the rating on the company's subordinated debt to CCC- from CCC; the recovery rating is unchanged at 6, indicating 0 to 10% expected default recovery.
The outlook is negative.
Nine West's credit metrics are expected to remain weak over the forecast horizon as the company's operating cash flow is unlikely to recover significantly in the near term from the weak retail environment and an anticipated weak holiday season, S&P said.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.