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Moody's cuts Lenox view to negative
Moody's Investors Service said it affirmed the ratings of Lenox Group, Inc. but changed the outlook to negative from stable, reflecting the agency's revised expectation that the company may generate weaker free cash flow in 2006 than anticipated at initial rating assignment in August 2005.
While recognizing the continued weakness in its wholesale gift and specialty channel, higher-than-expected integration and restructuring costs and greater-than-anticipated working capital and capital expenditure requirements, Moody's view of the company's near-term liquidity position remains adequate, as reflected in the affirmation of Lenox's SGL-3 rating.
The notching of the ratings for the existing senior credit facility was affirmed as it continues to reflect the benefits and limitations of the respective collateral packages.
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