Novelty gift and Halloween retailer SSH Holdings Inc. (doing business as Spencer Spirit) is refinancing its capital structure into an all first-lien structure and plans to reduce its funded debt by approximately $37 million. We believe this refinancing reflects a somewhat less aggressive financial policy given the planned reduction in the company's funded debt and its establishment of a track record of good execution at each of its divisions. Therefore, we are raising our issuer credit rating on SSH to 'B' from 'B-' and assigning our 'B' issuer credit rating on Spencer Spirit IH LLC. The outlook is stable. At the same time, we are assigning our 'B' issue-level rating and '4' recovery rating to the company's proposed first-lien term
