S&P revises 99 Cents view to negative

S&P said it changed the outlook for 99 Cents Only Stores LLC to negative from developing and affirmed the CCC+ ratings on the company and its first-lien term debt. The 3 recovery rating is unchanged

“The negative outlook reflects our view that current market conditions and 99 Cents Only's weak standing in the credit markets will make refinancing its debt challenging. In our view, 99 Cents Only depends on favorable economic conditions to refinance its term loan due in January 2022 at par,” S&P said in a press release.

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