Neiman Marcus Added To New Fitch Debt Watch Lists
Neiman Marcus’ loans and bonds have landed on two previously unpublished secondary “concern” lists from corporate credit rating agency Fitch Ratings. This morning, Fitch published a “U.S. Secondary Bonds of Concern” list which included $1.69 billion in debt held by Neiman Marcus. Only one other retailer was on that secondary list, northeast supermarket chain Tops Holding. But there are several retailers on Fitch’s “Primary Bonds of Concern” list also published this morning. They are Sears, Claire’s Stores, Guitar Center, Nine West, Bon-Ton Stores, David’s Bridal, Fresh Market, Bi-Lo and 99 Cents Only Stores. By being on the secondary lists, Fitch is saying the Dallas-based luxury retailer has more flexibility to work on its highly-leveraged balance sheet than others in distress. But it’s better to be on none of these watch lists. Read more at Dallas News.
