S&P rates Abercrombie & Fitch notes BB-

S&P said it assigned Abercrombie & Fitch Co.’s proposed $300 million of senior secured notes a BB- with a 2 recovery rating.

The proceeds will be used to refinance the 2021 maturity.

“While this proposed debt issuance extends maturity and improves the company’s liquidity, we still see heightened uncertainty regarding the effects of the coronavirus pandemic and the ensuing recession on its performance and financial condition,” S&P said in a press release.

The agency also affirmed the company’s B+ rating and the BB rating on its asset-based lending facility. The 1 recovery rating is unchanged.

The outlook is negative.

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