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S&P lowers Charming Charlie
S&P said it lowered the corporate credit rating on Charming Charlie LLC to D from CCC.
At the same time, the agency lowered the issue-level rating on the first-lien term loan facility to D from CCC. The recovery rating is 3, indicating meaningful (50%-70%; rounded estimate: 50%) recovery in the event of a payment default.
S&P said the downgrade follows Charming Charlie’s announcement that it filed for Chapter 11 bankruptcy protection. The company plans to close about 100 stores immediately as part of the filing, with further store closures likely.
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