S&P gives Charming Shoppes convertibles BB-

Standard & Poor's said it assigned its BB- rating to Charming Shoppes Inc.'s proposed $250 million convertible senior unsecured bonds due 2014.

S&P said it has also affirmed Charming Shoppe's existing ratings, including the BB- corporate credit rating.

The outlook is stable.

Proceeds from the $250 million convertible bonds will be used to refund all or a portion of the company's existing $150 million 4.75% senior convertible notes due 2012, the agency added.

S&P noted that ratings reflect the company's high business risk, given its participation in the highly competitive and volatile specialty apparel industry.

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