U.S.-based Quiksilver's credit metrics have weakened and liquidity has become constrained from declining profitability amid a highly promotional retail environment. We are lowering our corporate credit rating on the company to 'B-' from 'B'. We are also lowering the issue-level ratings on the company's €200 million European senior unsecured debt to 'B-' from 'B', and the rating on its $400 million senior unsecured debt to 'CCC' from 'CCC+'. The recovery ratings are '4' and '6', respectively. The outlook is negative, reflecting our view that weaker operating performance could continue over the next year, and our view that the company has less than adequate liquidity. On Oct. 16, 2012, Standard&Poor's Ratings Services lowered its corporate credit rating on Huntington
