Research Update: 'B+' Rating On Jo-Ann Stores Remains On CreditWatch Positive; Subordinated Debt Rating Withdrawn After Debt Repayment - S&P Credit Research

Research Update: 'B+' Rating On Jo-Ann Stores Remains On CreditWatch Positive; Subordinated Debt Rating Withdrawn After Debt Repayment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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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Definitions PDF Research Update: 'B+' Rating On Jo-Ann Stores Remains On CreditWatch Positive; Subordinated Debt Rating Withdrawn After Debt Repayment Publication date: 22-Apr-2010 Primary Credit Analyst: Jayne...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
GICS
Specialty Stores (25504040)
Sector
Global Issuers
Country
Region
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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 "Research Update: 'B+' Rating On Jo-Ann Stores Remains On CreditWatch Positive; Subordinated Debt Rating Withdrawn After Debt Repayment" Apr 22, 2010.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. Sep 21, 2014. <http://www.alacrastore.com/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Withdrawn-After-Debt-Repayment-792570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 Research Update: 'B+' Rating On Jo-Ann Stores Remains On CreditWatch Positive; Subordinated Debt Rating Withdrawn After Debt Repayment Apr 22, 2010.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 Sep 21, 2014 from <http://www.alacrastore.com/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Withdrawn-After-Debt-Repayment-792570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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