S&P: Things Remembered loan B

Standard & Poor's said it assigned its preliminary B corporate credit rating to TRM Holdings Corp., the parent of Things Remembered Inc. The outlook is stable.

At the same time, the agency said it assigned its preliminary B issue-level rating to Things Remembered Inc.'s $147 million senior secured credit facility. The preliminary recovery rating on this debt is 3, indicating an expectation for meaningful recovery of principal in the event of a payment default.

The agency said the preliminary ratings on Things Remembered reflect S&P's assessment of the company's financial risk profile as aggressive and business risk profile as vulnerable.

"Although we anticipate modest earnings growth to propel modest improvement of these measures over the near term, we believe the company will remain substantially leveraged, with total debt in the high-4x area by the end of fiscal 2012," said S&P credit analyst Mariola Borysiak.

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