Research Update: 'B+' Rating On Jo-Ann Stores Remains On CreditWatch Positive; Subordinated Debt Rating Withdrawn After Debt Repayment - S&P Credit Research

Research Update: 'B+' Rating On Jo-Ann Stores Remains On CreditWatch Positive; Subordinated Debt Rating Withdrawn After Debt Repayment

1372 words — Published Apr 22, 2010
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About This Report

  
Abstract:
On Jan. 6, 2010, we placed the 'B+' corporate credit rating on Jo-Ann Stores on CreditWatch positive following the company's announcement of its planned debt redemption and based on our expectation for improved operating performance. We are withdrawing our 'B-' issue rating and '6' recovery rating on Jo-Ann Stores' subordinated debt because the company repaid the outstanding subordinated note issue in the first quarter of fiscal 2011 (ends April 30, 2010). The 'B+' corporate credit rating remains on CreditWatch with positive implications. We expect to resolve the CreditWatch listing within the next four weeks after meeting with management. On April 22, 2010, Standard&Poor's Ratings Services withdrew its 'B-' subordinated debt rating and '6' recovery rating on Jo-Ann Stores
  
Brief Excerpt:
RESEARCH Ratings Definitions PDF Research Update: 'B+' Rating On Jo-Ann Stores Remains On CreditWatch Positive; Subordinated Debt Rating Withdrawn After Debt Repayment Publication date: 22-Apr-2010 Primary Credit Analyst: Jayne...
  
Report Type:
Research Update
Ticker
JAS
Issuer
Jo-Ann Stores Inc.
Sector
Global Issuers
Country
United States
Region
United States
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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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Cite this Report

  
MLA:
S&P Credit Research. "Research Update: 'B+' Rating On Jo-Ann Stores Remains On CreditWatch Positive; Subordinated Debt Rating Withdrawn After Debt Repayment" Apr 22, 2010. Alacra Store. May 24, 2013. <http://www.alacrastore.com/research/s-and-p-credit-research-Research_Update_B_Rating_On_Jo_Ann_Stores_Remains_On_CreditWatch_Positive_Subordinated_Debt_Rating_Withdrawn_After_Debt_Repayment-792570>
  
APA:
S&P Credit Research. (). Research Update: 'B+' Rating On Jo-Ann Stores Remains On CreditWatch Positive; Subordinated Debt Rating Withdrawn After Debt Repayment Apr 22, 2010. New York, NY: Alacra Store. Retrieved May 24, 2013 from <http://www.alacrastore.com/research/s-and-p-credit-research-Research_Update_B_Rating_On_Jo_Ann_Stores_Remains_On_CreditWatch_Positive_Subordinated_Debt_Rating_Withdrawn_After_Debt_Repayment-792570>
  
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