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S&P cuts Party City view to negative, rates notes CCC+
Standard & Poor's said it revised its outlook on Party City Holdings Inc. to negative from stable and affirmed all existing ratings, including the B corporate credit rating.
At the same time, S&P assigned a CCC+ issue-level rating to Party City's proposed $300 million senior unsecured PIK toggle holdco notes due 2019. The recovery rating for the notes is 6, indicating an expectation for negligible (0% to 10%) recovery in the event of a payment default.
The notes will be co-issued by Party City NextCo Holdings LLC and PC Nextco Finance Inc., parent companies of Party City Holdings Inc.
"The outlook revision to negative reflects our belief that Party City's credit metrics will weaken from the proposed $300 million senior PIK toggle notes," said S&P credit analyst Stephanie Harter in a news release.
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