S&P gives Harry & David CC, notes C

Standard & Poor's said it assigned its unsolicited CC corporate credit rating to Harry & David Operations Corp.

At the same time, the agency said it assigned a C rating to the company's $70 million of senior floating-rate notes and $175 million of senior fixed notes.

The recovery rating on these notes is 5, the agency added.

Despite the company's request to withdraw its ratings, the agency said it believes there remains sufficient market interest in Harry & David's $198.4 million of notes outstanding at March 28, although on an unsolicited basis.

"Our ratings on Harry & David Operations Corp. indicate that the company is currently highly vulnerable to nonpayment of its obligations," said S&P credit analyst Mariola Borysiak.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.