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S&P rates Ascena loan BB+
Standard & Poor's said it assigned its BB- corporate credit rating to Ascena Retail Group Inc. The outlook is stable.
At the same time, the agency said it assigned a preliminary BB+ rating with a preliminary recovery rating of 1 to the company's proposed $300 million senior secured term loan due 2018. The 1 preliminary recovery rating indicates an expectation of very high recovery in the event of a payment default.
"The ratings on Ascena reflect our expectation that, although operating performance may remain stable in fiscal 2012 and 2013, credit metrics will weaken following the acquisition and issuance of the new proposed term loan," said S&P credit analyst Helena Song in a news release.
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