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Neiman Marcus Group Ratings Lowered

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On June 30, 2017, S&P Global Ratings lowered its corporate credit rating on The Neiman Marcus Group, Inc. to CCC from CCC+, its secured term loan facility ratings to CCC from CCC+ and its unsecured notes rating to CC from CCC-. According to S&P Global, the downgrade reflects their assessment of heightened risk that Neiman Marcus could execute an exchange of its debt, which could be viewed as distressed. S&P believes the Company’s capital structure is unsustainable, given its heavy debt load, shrinking profitability and a very difficult operating environment for department stores. S&P further states that the rating also reflects the expectation for continued erosion in Neiman’s operating performance, meaningfully negative free operating cash flow generation for the foreseeable future, the Company’s debt instruments trading at persistently distressed levels and the Company’s transfer of certain assets to unrestricted subsidiaries earlier this year. Read more on distressed companies.

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