S&P trims Vince Intermediate

S&P said it lowered its corporate credit rating on Vince Intermediate Holding LLC to B- from B. The outlook remains negative.

Concurrently, S&P lowered the issue-level rating on the company’s $175 million term loan to B- from B. The recovery rating on this debt remains unchanged at 3, reflecting an expectation of meaningful recovery (at the high end of the 50%-70% range) in the event of a payment default.

S&P said the downgrade reflects the steep decline in Vince's sales and EBITDA during the quarter ended July 30, 2016, which led to a significant compression of the company's net leverage covenant cushion.

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