Fitch lowers Linens

Fitch Ratings said it has taken the following rating actions on Linens 'n Things, Inc.: issuer default rating downgraded to C from CC, asset-backed revolver downgraded to CC/RR3 from CCC-/RR3 and senior secured notes remain at C/RR5.

The agency said that Linens remains on rating watch negative.

The downgrades reflect Fitch's concern that default is imminent given that Linens has decided to defer its $16.1 million quarterly interest payment due today to the holders of the senior secured floating-rate notes due 2014.

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