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S&P cuts Lenox
Standard & Poor's said it lowered its corporate credit rating Lenox Group Inc. to CCC+ from B+.
The agency said that the rating on the senior secured debt was lowered to B- from BB- and the recovery rating was affirmed at 1, indicating expectations for a full recovery of principal.
All ratings were removed from CreditWatch, where they were placed with negative implications on Nov. 3, the agency noted.
The outlook is developing.
S&P said that the downgrade reflects the company's recent announcement that fiscal 2006 will be materially weaker than expected, near-term liquidity concerns and expectations for ongoing operating challenges.
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