Fitch cuts Linens 'n Things to D

Fitch Ratings said it downgraded Linens 'n Things, Inc.'s issuer default rating to D from C and affirmed its existing asset-backed revolver at CC/RR3 and its senior secured notes at C/RR5 following the company's Chapter 11 filing, which excludes its Canadian operations.

The Rating Watch negative has been removed, and the agency expects to withdraw the ratings within 30 days.

Linens 'n Things has secured $700 million of debtor-in-possession financing from General Electric Capital Corp., Fitch noted, and the company plans to close 120 of its 589 stores.

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