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Prospect News home > News index > List of issuers B > Headlines for Burlington Stores Inc. > News item |
S&P gives Burlington BB, loan BB+
S&P said it affirmed its BB corporate credit rating on Burlington Stores Inc. and assigned a BB+ issue-level rating to the proposed $1.1 billion senior secured term loan due 2024.
The 2 recovery rating indicates an expectation of substantial (70%-90%, recovery estimate: 85%) recovery in the event of payment default.
The agency also assigned a BB corporate credit rating to Burlington Coat Factory Warehouse Corp.
The BBB- issue-level rating and 1 (90%-100%, recovery estimate: 95%) recovery rating on the company's $600 million asset-based lending revolver is unchanged.
The outlook is stable.
“The affirmation reflects our expectation that Burlington will generate good revenue and profit growth over the next 12 months, on continued benefits of the off-price retail business model and merchandising initiatives,” S&P said in a news release.
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