S&P cuts Renfro

S&P downgraded all its ratings for Renfro Corp. to CCC+ from B on earnings that were well below the agency’s expectations.

We believe Renfro will likely violate one or both of its financial maintenance covenants in the second half of fiscal 2020 (ending January 2020) unless it receives an amendment from lenders. Renfro’s revenue was hurt this year by Fruit Corp.’s decision to transfer its license for infant apparel to a different manufacturer, and a major mass market retailer's decision to reduce its work socks offering to one brand,” said S&P in a news release.

The outlook is negative.

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