NEW YORK (Standard&Poor's) May 7, 2007--Standard&Poor's Ratings Services said today it lowered its corporate credit rating on global lifestyle apparel marketer and designer Quiksilver Inc., to 'BB-' from 'BB'. At the same time, Standard&Poor's lowered the rating on the Huntington Beach, Calif.-based company's $400 million senior unsecured notes due 2015, to 'B+' from 'BB-'. All ratings were removed from CreditWatch with negative implications, where they were placed on March 12, 2007, following the company's announcement of much-weaker-than-expected operating results for the first quarter ended January 2007, and the resulting downward guidance revision. The outlook is negative. "The rating actions reflect Quicksilver's weakened credit measures," said Standard&Poor's credit analyst Susan Ding, "and our
