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S&P cuts Interline outlook to negative
Standard & Poor's said it revised its outlook on Interline Brands Inc. to negative from stable.
All ratings, including the BB- corporate credit rating, were affirmed, the agency said.
"The outlook revision follows the company's recent announcement that sales for the fourth quarter of 2008 will be down about 7.5% over the prior-year period and that it will not meet its previously issued earnings per share range," said S&P credit analyst Thomas Nadramia.
"In addition, the outlook revision reflects uncertainties regarding the depth and duration of the current difficult operating conditions and the further impact this may have on the company's operating results in 2009."
Still, Interline continues to have adequate near-term liquidity, consisting of about $60 million in cash as of Dec. 26, and $73 million in availability under its $83 million revolving credit facility, the agency said.
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