Fitch downgrades Toys ‘R’ Us notes

Fitch Ratings said it downgraded the issue ratings on Toys 'R' Us, Inc.'s $450 million 10 3/8% senior unsecured notes due August 2017 and $400 million 7 3/8% senior unsecured notes due October 2018 to CCC-/RR5 from CCC/RR4.

The agency affirmed the issuer default ratings on Toys 'R' Us and its various domestic subsidiaries at CCC.

Fitch said the ratings reflect the company's deteriorating top-line and EBITDA trends, increasing risk of market share loss and weakening liquidity position.

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