OVERVIEW U.S.-based Quiksilver is refinancing existing debt with proposed new debt issuances. We are affirming our 'B-' corporate credit rating on the company. We are also assigning a 'CCC+' issue-level rating on the proposed $250 million senior secured notes , with a '5' recovery rating, and 'CCC' issue-level rating on the proposed $250 million senior unsecured notes, with a '6' recovery rating. We are revising the outlook to stable from negative, reflecting our view that liquidity improves as the proposed transaction eliminates financial maintenance covenants and extends debt maturities, and that the new management will be able to deliver on its cost savings initiatives and improve operating performance over the next year. NEW YORK (Standard&Poor's) July 10, 2013--Standard
