Moody's cuts Oriental Trading

Moody's Investors Service said it lowered Oriental Trading Co., Inc. corporate family rating and probability of default rating to Caa2 from B3.

Moody's said that the outlook remains negative.

The agency noted that the downgrade of Oriental Trading's ratings reflects continued erosion in the company's sales and operating margins over the past three quarters resulting from higher catalog and mailing costs and rising cost of goods sold.

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