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S&P cuts Home Interiors
Standard & Poor's said it lowered its ratings on Home Interiors & Gifts Inc., including its corporate credit rating to CCC+ from B-, the senior secured rating to CCC+ from B- and the subordinated debt rating to CCC- from CCC. At the same time, S&P lowered the recovery rating to 3 from 2.
The outlook is negative.
S&P said the downgrade reflects weaker-than-expected operating performance for the first quarter of fiscal 2005 ended March 31 and the disclosure in the company's recent 10-Q filing that it may breach debt covenants on its senior bank loan for the quarter ending June 30, 2005. The company had previously received relief from covenant violations under its bank facility for the fiscal year ended Dec. 31, 2004.
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