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January 4, 2008 |
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FGX INT'L: Moody's Withdraws All Ratings After Debt Refinancing Moody's Investors Service has withdrawn all ratings on FGX International Limited for business reasons. Moody's added that the ratings were withdrawn because the company had no rated debt outstanding following the completion of its IPO and debt refinancing. These ratings were withdrawn: * Issuer: FGX International Limited -- Corporate Family Rating, Withdrawn, previously rated B2 -- Probability of Default Rating, Withdrawn, previously rated B2 -- Senior Secured Bank Credit Facility Due 2010, Withdrawn, previously rated B1 (LGD 3, 35%) -- Senior Secured Bank Credit Facility Due 2012, Withdrawn, previously rated B1 (LGD 3, 35%) -- Senior Secured Bank Credit Facility Due 2013, Withdrawn, previously rated Caa1 (LGD 5, 84%) -- Outlook, Changed To Rating Withdrawn From Stable FGX International Limited, based in Smithfield, Rhode Island, is a leading marketer and distributor of branded and private-label eyewear and costume jewelry, particularly in the mass retail channels and primarily under the FosterGrant and Magnivision brands. Net sales for the twelve-month period ending Sept. 30, 2007 were approximately US$248 million. The company has international locations in the United Kingdom, Canada, China and Mexico. |
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