S&P downgrades Levitz

Standard & Poor's said it lowered its ratings on Levitz Home Furnishings Inc, including the corporate credit rating to CCC from B-, senior secured class A notes to CCC from B- and class B notes to CC from CCC.

The outlook is negative.

S&P said the downgrade is based on the company's sharp decline in profitability in the fiscal third quarter, which has narrowed its liquidity position. Levitz experienced sales pressure from the liquidation of competitors going out of business, along with continued weakness in the Los Angeles market.

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