Quiksilver Inc. closed on €268 million of European credit facilities, which replaced the company's €55 million line of credit agreement that was due on Sept. 29, 2009, and the company's other uncommitted European facilities. We are affirming our 'B-' corporate credit rating on the company and affirming our 'CCC' rating on the senior unsecured notes. In addition, we are removing our issue-level ratings on Quiksilver from CreditWatch developing. The negative outlook reflects our expectation for continued difficult operating performance and concerns about the company's ability to comply with its European facilities performance covenants. On Dec. 23, 2009, Standard&Poor's Ratings Services affirmed its 'B-'corporate credit rating on Huntington Beach, Calif.-based Quiksilver. At the same time, we removed our issue-level
