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S&P: Home Interiors view negative
Standard & Poor's revised its outlook on Home Interiors & Gifts Inc. to negative from stable and affirmed its B corporate credit and bank loan ratings on the company as well as its 2 bank loan recovery rating and its CCC+ subordinated debt rating.
S&P said the outlook revision reflects lower-than-expected sales volume for the second quarter ended June 30. These lower sales volumes reflect consumer retrenchment, the timing of Home Interiors' incentive promotions and the company's less experienced sales force.
Total debt to EBITDA rose to about 4.4x from 3.2x last year. A chief reason for the higher debt leverage is the company's March refinancing, where Home Interiors retired $147 million in preferred stock and accrued dividends.
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