S&P lifts Charming Shoppes

Standard & Poor's said it raised the corporate credit rating on Charming Shoppes Inc. to BB- from B- following the company's acquisition by Ascena Retail Group.

At the same time, the agency said it removed the ratings from CreditWatch with positive implications, where they were placed on May 3. The outlook is stable.

S&P said the upgrade reflects the stronger credit profile and resulting higher rating on Ascena Retail Group Inc.

The agency said it then withdrew the B- issue-level rating and 4 recovery rating on the company's senior convertible notes, which have been purchased from holders as a result of the Ascena acquisition.

Following these actions, the agency said it withdrew all ratings on Charming Shoppes.

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