Moody's cuts Renfro

Moody's Investors Service said it downgraded Renfro Corp.'s corporate family rating to B3 from B2 and the probability of default rating to Caa1 from B3.

The rating on the company's $134 million senior secured term loan was affirmed at B2, the agency said.

The outlook is negative.

Moody's added that the downgrades reflect the company's weaker than expected operating performance and credit metrics, which stem mainly from continued inventory and order reductions at retail customers in light of disappointing retail sales, as well as increased costs and a less favorable sales mix.

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