...+ U.S.-based Quiksilver Inc.'s operating performance continues to be weak, and well below our expectations, primarily because of execution issues in North America along with unfavorable currency exchange rates, mainly in Europe. + We are lowering our corporate credit rating on Quiksilver to '###+' from 'B-'. + We are also lowering the issue-level rating on the company's 200 million European senior unsecured notes due 2017 to '###+' from 'B-' and maintaining the '4' recovery rating. We are also lowering our issue-level ratings on the company's $280 million senior secured notes due 2018 to '###' from ###+' and maintaining the '5' recovery rating. Lastly, we are lowering the issue-level ratings on the company's $225 million senior unsecured notes due 2020 to '###-' from '###' and maintaining the '6' recovery rating. + We are revising our assessment on Quiksilver's liquidity to "less than adequate" from "adequate," given our expectation for continued negative free operating cash flow generation...
