S&P lowers Quiksilver

Standard & Poor's said that it lowered its ratings on Quiksilver Inc., including its corporate credit rating, to B- from B+.

At the same time, the agency said it placed Quiksilver's ratings on Creditwatch with developing implications, meaning that it could lower the ratings further or raise them, following the completion of its review.

"The downgrade and Creditwatch placement follow Quiksilver's announcement of an extension on the maturity of its €55 million line of credit agreement, and that it intends to conclude a strategic or refinancing transaction in the period covered by this extension," said S&P credit analyst Bea Chiem.

The agency added that Quiksilver's French subsidiary, Pilot SAS (not rated), entered into an amendment to this line of credit agreement to extend the maturity from March 14 to June 30.

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