S&P: totes Isotoner on watch

Standard & Poor's said it placed its B corporate credit rating on totes Isotoner Corp. on Creditwatch with negative implications, indicating that we could affirm or lower the ratings following its review.

S&P said it also placed the senior secured ratings on Creditwatch with negative implications.

"The Creditwatch listing follows totes' weaker-than-expected operating performance, resulting in tighter covenant cushion levels, and its concerns about the weak economy's effect on the company's performance in the near term, which could affect the company's ability to meet its financial covenants in the coming quarters," said S&P credit analyst Bea Chiem.

The agency said it will assess totes' ability to restore additional cushion on its financial covenants.

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