U.S.-based Quiksilver Inc. filed for a voluntary petition to reorganize under Chapter 11 of the U.S. bankruptcy code. We are lowering our corporate credit rating on Quiksilver to 'D' from 'CCC+'. We are also lowering our issue-level ratings on the company's debt to 'D'. The recovery ratings remain unchanged for the company's $280 million senior secured notes due 2018 at '5' and for the $225 million senior unsecured notes due 2020 at '6'. We are revising our recovery rating for the company's €200 million senior unsecured notes due 2017 to '5' from '4'. On Sept. 10, 2015, Standard&Poor's Ratings Services lowered its corporate credit rating on California-based Quiksilver Inc. to 'D' from 'CCC+'. At the same time, we
