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Published on 3/8/2018 in the Prospect News Bank Loan Daily.

S&P changes Abercrombie & Fitch view

S&P said it revised the outlook on Abercrombie & Fitch Co. to stable from negative and affirmed the BB- corporate credit rating.

The agency also affirmed the BB+ issue-level rating on its asset-backed revolver and the BB issue-level rating on its term loan.

The recovery rating on the ABL revolver remains 1, reflecting an expectation for very high (90%-100%; rounded estimate: 95%) recovery in the event of a payment default. The recovery rating on the term loan remains 2, reflecting an expectation for substantial (70%-90%; rounded estimate: 70%) recovery.

S&P said the action reflects a view that operating performance at the Abercrombie & Fitch brand, which represents a little over 40% of sales, has generally stabilized and the brand repositioning efforts are gaining traction, although there is uncertainty whether good performance at the brand is sustainable in the long term.


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