S&P cuts Quiksilver

Standard & Poor's said it lowered its corporate credit rating on Quiksilver Inc., to BB- from BB.

At the same time, the agency said it lowered the rating on the company's $400 million senior unsecured notes due 2015 to B+ from BB-.

All ratings were removed from CreditWatch with negative implications, where they were placed on March 12, following the company's announcement of weaker-than-expected operating results for the first quarter ended January and the resulting downward guidance revision, S&P said.

The outlook is negative.

"The rating actions reflect Quicksilver's weakened credit measures," said S&P credit analyst Susan Ding, "and our uncertainty regarding the company's ability to improve operating performance and restore credit measures to levels that are in line with the former BB rating, given current challenges facing the company."

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.