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S&P Downgrades Rating on Finlay Enterprises

Nov 18, 2008 2:22 AM   By Avi Krawitz
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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.

Tags: Finlay, Jewelry
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