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S&P lowers Elizabeth Arden
Standard & Poor’s said it lowered its corporate credit rating on Elizabeth Arden Inc. to B+ from BB- and removed the rating from CreditWatch, where it was placed with negative implications on Aug. 29.
The outlook is negative.
At the same time, S&P lowered the issue-level rating on the company’s senior unsecured notes due 2021 to B+ from BB- and removed the rating from CreditWatch with negative implications. The recovery rating remains 4, indicating an expectation for average (30% to 50%) recovery for unsecured debt holders in the event of a payment default.
“We are lowering our ratings on Elizabeth Arden to reflect the company’s weaker-than-expected operating performance, which resulted in deteriorated credit metrics during the fiscal year ended June 30, 2014,” said S&P credit analyst Jacqueline Hui in a news release.
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