S&P cuts Oriental Trading

Standard & Poor's said it lowered the corporate credit rating on Oriental Trading Co. Inc. to D from CC, along with the rating on its $180 million second-lien facility to D from C with the recovery rating maintained at 6. The agency also said it affirmed the CC bank loan rating on the company's $460 million first-lien facility with the recovery rating maintained at 4.

The rating reflects its missed second-lien debt interest payment, which was due May 31, S&P said. During its fiscal fourth quarter that ended April 3, the company obtained additional waivers and amendments to its first-lien credit agreement, the agency said.

The company is currently seeking to reorganize its capital structure and is operating under a short-term waiver and amendment, which expires on Aug. 18, S&P added.

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