S&P trims Intime Retail

Standard & Poor’s said it lowered its long-term corporate credit rating on Intime Retail (Group) Co. Ltd. to BB- from BB. The outlook is stable.

S&P affirmed the cnBB+ long-term Greater China regional scale rating on the company.

S&P said it lowered the rating because Intime’s leverage has deteriorated more than S&P previously expected and S&P does not anticipate any material improvement over the next 12 months. The debt-to-EBITDA ratio remained above 5.0x in 2014, driven by weaker-than-expected profitability and the company’s aggressive expansion plans.

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