S&P: Jones Group unchanged

Standard & Poor's said the B+ rating on the Jones Group Inc.'s existing 6 7/8% senior notes due March 2019 is unchanged following the company's proposed $100 million add-on offering.

The recovery rating also is unchanged at 5, indicating 10% to 30% expected recovery in a default.

The company's BB- corporate credit rating also remains unchanged.

The proceeds will be used for general corporate purposes. The proceeds will replenish cash balances in anticipation of its pending payment to acquire the remaining 45% interest in Stuart Weitzman in December 2012 and could ultimately be used to redeem a portion of its notes due in 2014.

The company's debt-to-EBITDA leverage is expected to remain in the mid-4x area at the end of 2012, S&P said.

The ratings reflect the company's aggressive financial risk profile, high leverage and moderate financial policies, the agency said.

The company's business risk profile will continue to be fair, given the competitive nature of the apparel and footwear businesses, S&P said.

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