S&P rates Spencer Spirit loan B

S&P said it raised the issuer credit rating on SSH Holdings Inc., which does business as Spencer Spirit, to B from B-.

The agency also said it assigned a B issuer credit rating on Spencer Spirit IH LLC.

The outlook is stable.

The agency also said it assigned a B rating and 4 recovery rating to the company's proposed first-lien term loan.

SSH Holdings is refinancing its capital structure into an all first-lien structure and plans to reduce its funded debt by about $37 million, S&P said.

This refinancing reflects a somewhat less aggressive financial policy given the planned reduction in the company's funded debt and its establishment of a track record of good execution at each of its divisions, the agency added.

The stable outlook reflects an expectation that the company will experience modest store growth and market share gains in its Halloween-focused Spirit business while mitigating the risks associated with declining mall traffic at its Spencer's segment, S&P said.

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