Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers T > Headlines for Talbots, Inc. > News item |
S&P changes Talbots to negative
S&P said it revised its outlook on Talbots Inc. to negative from stable and affirmed the B- corporate credit rating.
Additionally, the agency affirmed the B- issue-level rating on the company's $415 million first-lien term loan facility. The 3 recovery rating is unchanged and indicates an expectation for meaningful (50%-70%; rounded estimate 50%) recovery in the event of a payment default.
At the same time, the agency affirmed the CCC issue-level rating on the company's $170 million second-lien term loan facility. The 6 recovery rating is unchanged and indicates negligible (0%-10%; rounded estimate 0%) recovery.
S&P said the revision reflects an expectation that Talbots' operating performance will remain under pressure in the near term due to the potentially lingering impact of a merchandising misstep in the fourth quarter of fiscal 2017.
“The company's holiday merchandise introduced several product details that did not resonate well with its core customer base,” the agency said in a news release.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.