California-based branded lifestyle apparel manufacturer Quiksilver Inc. has emerged from the protection of the U.S. Bankruptcy Court. We are raising our corporate credit rating to 'B-' from 'D'. The outlook is negative. At the same time, we are assigning our issue-level and recovery ratings of 'B+' and '1', respectively, to Boardriders' (a European subsidiary in the Quiksilver group) existing €200 million unsecured notes due 2017 (with about $19 million outstanding) and new €136.484 million unsecured notes due 2020. Quiksilver's $140 million asset-based (ABL) revolver and $50 million delayed-draw term loan are not rated. The negative outlook reflects our opinion that credit metrics are elevated upon emergence, and our uncertainty about the effectiveness of management's initiatives to revitalize the brands and
