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Fitch rates Linens 'n Things
Fitch Ratings said it initiated rating coverage of Linens 'n Things, Inc. as follows: issuer default rating at B-, proposed asset-based revolver at BB-/RR1 and proposed senior secured notes at B-/RR4.
The outlook is negative.
The agency said the ratings reflect the company's position as the second largest specialty retailer of home furnishings as well as its broad geographic reach.
The ratings are also based on Linens 'n Things' significant leverage pro forma for the leveraged buyout, its weak operating performance and intense competition in the home furnishings space, Fitch added.
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