Spencer Spirit Holdings Inc. is issuing a $360 million senior secured term loan to refinance its existing senior secured and senior payment-in-kind (PIK) toggle notes, which became callable in May. We are affirming our 'B' corporate credit rating and removing the company from CreditWatch negative, where we placed it on March 27, 2014. At the same time, we are assigning a 'B' issue-level rating to the senior secured term loan with a '4' recovery rating. The stable outlook incorporates our expectation that operating margins will remain flat over the next year amid declining mall traffic and heightened Halloween competition. NEW YORK (Standard&Poor's) June 11, 2014--Standard&Poor's Ratings Services today affirmed its 'B' corporate credit rating on SSH
