U.S.-based specialty apparel retailer Everest Holdings LLC (d/b/a Eddie Bauer) generated revenue and EBITDA below our expectations in 2014. Credit protection measures are still in line with current ratings. We are revising our outlook to stable from positive and affirming our 'B-' corporate credit rating on Eddie Bauer. The stable outlook reflects our view that credit protection measures will likely remain at or near current levels over the next 12 to 18 months. We expect the company to continue pursuing its rebranding strategy and improving operating margins and profitability. We believe it will take several quarters for the company to realize the improvement we previously expected. On April 27, 2015, Standard&Poor's Ratings Services affirmed its ratings, including our
