Research Update: SSH Holdings Inc. Rated 'B', Outlook Is Negative; $160 Million PIK Notes Rated 'CCC+', Senior Secured Rating Affirmed - S&P Global Ratings’ Credit Research

Research Update: SSH Holdings Inc. Rated 'B', Outlook Is Negative; $160 Million PIK Notes Rated 'CCC+', Senior Secured Rating Affirmed

Research Update: SSH Holdings Inc. Rated 'B', Outlook Is Negative; $160 Million PIK Notes Rated 'CCC+', Senior Secured Rating Affirmed - S&P Global Ratings’ Credit Research
Research Update: SSH Holdings Inc. Rated 'B', Outlook Is Negative; $160 Million PIK Notes Rated 'CCC+', Senior Secured Rating Affirmed
Published Apr 25, 2013
2440 words — Published Apr 25, 2013
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About This Report

  
Abstract:

Mall-based specialty retailer Spencer Spirit Holdings Inc. is issuing new holding company senior payment-in-kind (PIK) toggle notes from its direct parent SSH Holdings Inc. to finance a management stock repurchase, reducing financial sponsor interest in the privately-held company. We are assigning our 'B' corporate credit rating to SSH Holdings Inc. and a 'CCC+' issue-level rating to the new $160 million PIK toggle notes. We are affirming our existing 'B' issue-level rating on the company's $175 million senior secured notes. We are also revising our outlook on Spencer Spirit Holdings Inc. to negative from stable and affirming our 'B' corporate credit rating. The negative outlook reflects our expectation for limited deleveraging in the coming year due to increased debt and slowing

  
Brief Excerpt:

RESEARCH Research Update: SSH Holdings Inc. Rated 'B', Outlook Is Negative; $160 Million PIK Notes Rated '###+', Senior Secured Rating Affirmed Publication date: 25-Apr-2013 Primary Credit Analyst: Diya G Iyer, New York (1) 212-438-4001;...

  
Report Type:

Research Update

Issuer
SSH Holdings Inc.
Sector
Global Issuers
Country
United States
Region
United States
Format:
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Research Update: SSH Holdings Inc. Rated 'B', Outlook Is Negative; $160 Million PIK Notes Rated 'CCC+', Senior Secured Rating Affirmed" Apr 25, 2013. Alacra Store. May 04, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-SSH-Holdings-Inc-Rated-B-Outlook-Is-Negative-160-Million-PIK-Notes-Rated-CCC-Senior-Secured-Rating-Affirmed-1121971>
  
APA:
S&P Global Ratings’ Credit Research. (). Research Update: SSH Holdings Inc. Rated 'B', Outlook Is Negative; $160 Million PIK Notes Rated 'CCC+', Senior Secured Rating Affirmed Apr 25, 2013. New York, NY: Alacra Store. Retrieved May 04, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-SSH-Holdings-Inc-Rated-B-Outlook-Is-Negative-160-Million-PIK-Notes-Rated-CCC-Senior-Secured-Rating-Affirmed-1121971>
  
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