S&P: Quiksilver on watch

Standard & Poor's said it placed its ratings on Quiksilver Inc., including its BB corporate credit rating, on CreditWatch with negative implications.

S&P said that the placement follows the company's earnings announcement for the first quarter ended January.

Operating results were below the agency's expectations due to the weak winter season, which resulted in poor reorders, heavy markdowns and significant reduction in orders for the next season for the Rossignol business.

Furthermore, it is likely that operating results for the next several quarters will be depressed as a result of the softness in the hard goods business, the agency said.

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