Moody’s revises Spencer Spirit view to negative

Moody’s Investors Service said it changed the outlook to negative and affirmed Spencer Spirit IH LLC’s B2 corporate family rating, B2-PD probability of default rating and B2 senior secured rating.

“The change in outlook reflects the longer than anticipated closure of Spencer Gift’s mall-based stores and the likelihood that lingering safety concerns and weak economic conditions will hurt consumer demand, particularly for the company’s Spirit Halloween segment. The affirmation considers the company’s adequate liquidity position comprised of cash balances and revolver availability of $250 million between June and October that supports the considerable working capital needs for the Halloween and holiday seasons,” Moody’s said in a press release.

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