S&P drops Quiksilver

Standard & Poor's said it lowered its corporate credit rating on Quiksilver Inc., to B+ from BB-.

At the same time, S&P said it lowered the rating on the company's $400 million senior unsecured notes due 2015 to B- from B, while the recovery rating remains a 6.

The agency added that it removed all of the ratings from Creditwatch with negative implications, where it had placed them on April 1, as a result of weaker-than-expected operating results and financial metrics.

The outlook is negative.

"The ratings downgrade reflects Quiksilver's continued weak credit measures, and its uncertainty regarding the company's ability to improve operating performance, given the current challenging economic and retail environment," said S&P credit analyst Susan H. Ding.

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