S&P gives Warnaco loan BBB

Standard & Poor's said that it assigned issue level and recovery ratings to Warnaco Inc.'s $270 million asset-based loan revolving credit facility maturing on August 2013, noting that the issue-level rating is BBB with a recovery rating of 1.

The agency added that the ABL replaces the previous $225 million senior secured revolving credit facility due March 2009 while it also affirmed all other ratings on Warnaco and guarantor Warnaco Group Inc., including its BB+ corporate credit rating.

According to S&, the ratings on Warnaco reflect its participation in a highly competitive and promotional retail environment, and its exposure to fashion risk in some of its business segments.

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