NEW YORK (Standard&Poor's) Dec. 11, 2008--Standard&Poor's Ratings Services said today that it placed its ratings, including the 'B' corporate credit rating, on Mount Airy, N.C.-based sock manufacturer Renfro Corp. on CreditWatch with negative implications, meaning that we could affirm or lower the ratings following our review. The company had about $199 million of total debt (including operating leases and pension obligations) at the end of its fiscal third quarter ended Oct. 25, 2008. The CreditWatch listing follows Renfro's continued weak operating performance, resulting in tighter than anticipated covenant cushion levels, and our concerns about the weak economy's effect on the company's near-term performance. Challenging economic conditions and a weak retail environment continued to negatively affect Renfro's
