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S&P cuts David's Bridal
S&P said it lowered its issuer credit rating on David's Bridal Inc. to SD (selective default) from CCC-.
At the same time, the agency lowered its issue-level rating on the 7¾% unsecured notes to D from C. The 6 recovery rating on the debt is unchanged, indicating an expectation for negligible recovery (0%- 10%; rounded estimate: 0%) of principal and prepetition interest.
All other ratings are unaffected
“The downgrade follows David's Bridal's deferred interest payment on its $270 million 7¾% unsecured notes maturing 2020,” S&P said in a news release.
“A payment default has not yet occurred under the indenture governing the notes, which provides a 30-day elected grace period. However, we believe it's highly likely the company will not make the interest payment in full within the stated grace period.”
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