S&P gives B to Claire’s Stores loan

S&P said it assigned a B rating with a 3 recovery rating to a proposed $700 million loan for Claire’s Stores Inc.

The company’s debt for the proposed recapitalization is 70% below its pre-petition Chapter 11 reorganization, the agency said.

“Its improved leverage profile results in significantly lower debt service requirements and what we consider to be a sustainable capital structure,” said S&P in a press release.

S&P also assigned a B rating to Claire’s.

The outlook is stable.

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