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S&P downgrades rue21
S&P said it lowered the corporate credit rating on rue21 Inc. to D from CC.
The agency also said it lowered the rating on the first-lien term loan facility to D from CC.
The recovery rating on the first-lien term loan facility is 4, indicating 30% to 50% expected default recovery.
S&P also said it lowered the rating on the unsecured notes to D from C. The recovery rating on the second-term loan is 6, indicating 0 to 10% expected default recovery.
The downgrades reflect a belief that rue21 will not to meet its financial obligations following the conclusion of the forbearance agreement with its lenders, S&P said.
The agency also said it anticipate a default by the company will be a general default.
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