S&P lowers HT Intermediate

S&P said it lowered the rating on HT Intermediate Holdings Corp. to CCC from B-.

The outlook is negative.

The agency also lowered issue-level rating on the secured notes to CCC from B- and revised the recovery rating to 4 from 3, indicating average (30%-50%; rounded estimate: 45%) recovery in the event of a payment default.

S&P said the downgrade reflects the company's continued rapidly deteriorating operating performance, resulting from ineffective merchandising and excess inventory, which led to sharp traffic declines and increased markdowns in the first nine months of 2017.

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