S&P removes upscale Barney's from CreditWatch

NEW YORK

Standard & Poor's on Thursday affirmed its corporate credit rating on Barney's New York and removed it from CreditWatch.

Barney's was placed on watch with positive implications on April 22.

S&P said although the retailer's performance has improved recently, the agency remains concerned that Barney's capital structure is unsustainable.

The rating agency also lowered its issue-level rating to "CCC-" from "CCC" and revised its recovery rating to "5" from "3", saying the company's value has diminished over the past few years.