Rapaport
POWERED BY Rapaport
  Skip Navigation LinksHome » News » Latest News » News Story

  News Search
Type
 Topic
 RDR Issue
 Keyword
 Author
   [Clear]

S&P Downgrades Rating on Finlay Enterprises
By Avi Krawitz Posted: 11/18/08 02:22
Submit Comment 
RAPAPORT... Standard & Poor's Ratings Services lowered its corporate credit rating on Finlay Enterprises and its subsidiary Finlay Fine Jewelry from CCC to CC. S&P said it also placed the fine jeweler’s ratings on CreditWatch with negative implications.

The rating agency explained that the move followed an announcement by Finlay that it had concluded discussions with certain holders of its 8.375 percent senior notes that are due in June 2012. These notes relate to a financial recapitalization of the company. S&P lowered the issue-level rating on these notes from CCC- to C and maintained the recovery rating on the notes at 5.

"If the offer is completed we will lower the corporate credit rating to SD and the rating on the notes to D,” said David Kuntz, S&P's credit analyst. "We will then reevaluate the corporate credit rating based on the new capital structure,” he added.



NC
  Print  | Submit Comment 
| Email Article | Send Feedback |
Share
Previous Item | Back to List | Next Item  
 
 
 
 


© Copyright 1982-2010 by Martin Rapaport. All rights reserved. | Terms of Use | Privacy Policy | Legal Notices
Index®, RapNet®, Rapaport®, PriceGrid™, Diamonds.Net™, and JNS®; are TradeMarks of Martin Rapaport.
 While the information presented is from sources we believe reliable, we do not guarantee the accuracy
or validity of any information presented by Rapaport or the views expressed by users of our internet service.