S&P rates IT Holding notes B+

Standard & Poor's said it assigned its B+ senior secured debt rating to the proposed €185 million notes maturing in 2012 to be issued by IT Holding Finance SA, a wholly owned subsidiary of IT Holding SpA. S&P also affirmed its B+ long-term corporate credit rating on IT Holding.

The outlook remains negative.

"The rating on the notes is the same as ITH's corporate credit rating, reflecting the fact that priority obligations are not material enough to warrant notching down for structural subordination," said S&P credit analyst Benedetta Rospigliosi.

S&P said the rating reflects the company's leveraged financial profile, limited financial flexibility and exposure to both license renewal risk and changing consumer preferences in the mid-price segment of the fashion apparel industry.

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