On July 7, 2008, Standard&Poor's Ratings Services said that its ratings on Quiksilver Inc., including its 'BB-' corporate credit rating, will remain on CreditWatch with negative implications where they were placed on April 1, 2008, due to weak first-quarter results. The Huntington Beach, Calif.-based apparel company had about $938 million in debt outstanding at April 30, 2008. According to the company's recent 10Q filing, Quiksilver expects to sell its Rossignol business, which together with its golf business (sold in December 2007), accounted for about $157 million of sales for the six months ended April 2008. These businesses are classified as discontinued operations. In connection with the reclassification of the Rossignol business, the company also recorded an impairment charge
