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S&P snips American Apparel credit rating amid debt concerns
S&P snips American Apparel credit rating amid debt concerns

Standard & Poor's Rating Services downgraded American Apparel Inc.'s credit rating amid concerns that the troubled retailer will be forced to restructure its debt. The Wall Street rating agency said the Los Angeles company was roiled by uncertainty in its management ranks and experienced slower-than-expected improvements in its performance, making it difficult to amend or loosen the terms of its credit facility. S&P lowered American Apparel's corporate credit rating to CCC- from CCC. It also dropped the rating on the company's $200 million in senior secured notes to CC from CCC-. "The outlook is negative reflecting our belief that a debt restructuring appears...

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