Research Update: Everest Holdings LLC Ratings Withdrawn At Issuer's Request

On Oct. 26, 2018, S&P Global Ratings withdrew its 'CCC+' long-term issuer credit rating on Bellevue, Wash.–based Everest Holdings LLC, the holding company that operates under the Eddie Bauer brand name, at the issuer's request. At the same time, we withdrew our 'CCC' issue-level rating and '5' recovery rating on the company's $225 million term loan due 2020, which was repaid in full as part of its recent refinancing. The issuer credit and issue-level ratings were on CreditWatch at the time of the withdrawal, where we placed them with positive implications on June 28, 2018, to reflect the anticipated refinancing of the company's debt. Criteria - Corporates - General: Recovery Rating Criteria For Speculative-Grade Corporate Issuers, Dec. 7, 2016 Criteria

...On Oct. 26, 2018, S&P Global Ratings withdrew its '###+' long-term issuer credit rating on Bellevue, Wash.¡based Everest Holdings LLC, the holding company that operates under the Eddie Bauer brand name, at the issuer's request. At the same time, we withdrew our '###' issue-level rating and '5' recovery rating on the company's $225 million term loan due 2020, which was repaid in full as part of its recent refinancing. The issuer credit and issue-level ratings were on CreditWatch at the time of the withdrawal, where we placed them with positive implications on June 28, 2018, to reflect the anticipated refinancing of the company's debt....

Research Update