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S&P Credit Research448 word report
published Mar 31, 2009
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S&P Credit Research
| Abstract: | NEW YORK (Standard&Poor's) March 31, 2009--Standard&Poor's Ratings Services said today it revised the recovery rating on the secured debt of Eddie Bauer Holdings Inc. to '4' from '3' as a result of weaker prospects for recovery in the event of a payment default. The '4' recovery rating indicates expectations for average (30%-50%) recovery in the event of payment default. Concurrently, Standard&Poor's affirmed the Bellevue, Wash.-based company's debt ratings, including the 'CCC' corporate credit rating. The outlook is negative. "We are concerned with Eddie Bauer's slim expected EBITDA cushion over financial covenants as of the fourth quarter of 2008," said Standard&Poor's credit analyst Diane Shand, "and we believe that a breach of covenants
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| Brief Excerpt: | RESEARCH Ratings Definitions Eddie Bauer Holdings Inc. '###' Corporate Credit Rating Affirmed; Secured Debt Recovery Rating Revised To '4' Publication date: 31-Mar-2009 Primary Credit Analyst: Diane Shand, New York (1) 212-438-7860;...
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| Report Type: | Ratings Action
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| Ticker: | EBHI
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| Issuer: | Eddie Bauer Holdings Inc.
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| GICS: | Apparel Retail (25504010)
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| Sector: | Corporations, Global Issuers
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| Country: | United States
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| Region: | United States
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| Free Sample: |
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S&P Credit Research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.
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- Research Update: Eddie Bauer Holdings Inc. Corporate Credit Rating Lowered To 'CCC' On Covenant Compliance Concerns $175.00
On Feb. 23, 2009, Standard&Poor's Ratings Services lowered its rating on Bellevue, Wash.-based specialty apparel retailer Eddie Bauer Holdings Inc., including the corporate credit rating, which we lowered to 'CCC' from 'B-'. The outlook is ...
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