According reports aj burnett to Russell, dontrelle details $4 trillion in assetscurrently are benchmarked to its indices. Russell provides its equity index family to investment managers andinstitutional investors for index funds and as benchmarks for both passive andactive investment strategies. component to theRussell Global Index."SIGA's inclusion in the Russell 3000 is another validation of the Company'sdevelopment over this past year. The Russell 3000 Index measures theperformance of the largest 3000 U.S. companies representing approximately 98% ofthe investable U.S equity market and serves as the U.S. SIGA Technologies, Inc.
Fitch Ratings, New YorkMonica Aggarwal, CFA, +1-212-908-0282Karen Ghaffari, CFA, CPA, +1-212-908-0282Media Relations:Cindy Stoller, +Copyright Business Wire 2009 autographed baseball . Covenants require a minimum excess availability of $75 millionand place limits on debt, dividends, and capital expenditures fitted hat . The facility is secured by a first lien on substantially all of theassets of the borrowing entities and guarantors, except for certain mortgagedreal property fitted hats . The $800 million senior secured credit facility due March 2011 is rated'B+/RR2', indicating superior (71%-90%) recovery prospects in a distressedscenario florida marlins .
The issue ratings shown above are derived from the IDR and the relevant RecoveryRating autographed baseballs . Bon-Ton will have to renew its $800 million asset-based facilityexpiring March 2011 sometime next year and the size, terms and tenor could havea potential impact on ratings floridamarlins . Excess capacity isestimated to be somewhere in the $130 million-$180 million range (after takingout the $75 million covenant limitation) at the end of the current fiscal year.However, Fitch is increasingly concerned about the company's debt maturityschedule josh beckett . This contemplates modest free cash flowgeneration this year, which will depend on sustained improvement in grossmargins, particularly in the critical holiday season long sleeve shirts . Fitch expects Bon-Ton will have adequate near-term liquidity, with $90 millionin excess capacity (after taking out the $75 million covenant limitation) underits credit facility as of May 2, 2009.
The company's leverage as measured by adjusteddebt/EBITDAR stood at 7.8 times (x) for the latest 12 months ended May 2, 2009,versus 7.6x for FY2009 and 5.6x for FY2008 autographed memorabilia . However, Fitch expectsBon-Ton's operating profit could decline further and credit metrics weaken thisyear if the anticipated gross margin improvements do not materialize for theremainder of the year long sleeve t shirt . Bon-Ton endedthe first quarter with comparable inventory down 11% dontrelle . Gross margins firmed up in the first quarter, increasing 83 basis pointsyear over year as comparable inventory was down 13% at the end of the fourthquarter versus a comp store sales decline of 8.6% for the quarter fitted hat . 2, 2009 showed a material deterioration from the $126 million reported inFY2008.
Bon-Ton's operating (EBIT) income of $35 million for fiscal year (FY) 2009 endedJan autographed photos . TheNegative Outlook reflects Fitch's increasing concern about the company'sliquidity position beyond 2009 as its ability to fund its operations and meetits financial commitments is dependent on stabilizing revenues fitted hats . Bon-Ton's ratings reflect Fitch's expectation for considerable pressure oncomparable store sales trends given the weak department store sales environmentand the resulting pressure on the company's operating and credit metrics florida marlins . to 'CC/RR6' from 'CCC/RR6' to reflect the newissue rating definitions as of March 2009 The Rating Outlook is Negative . In addition, Fitch has revised its ratings on the senior unsecured notes for TheBon-Ton Department Stores, Inc. Bonstores Realty One and Two, LLC --IDR at 'B-'; --Mortgage loan facility at 'B+/RR2'. NEW YORK--(Business Wire)--Fitch Ratings has affirmed the following ratings on The Bon-Ton Stores, Inc.(Nasdaq:BONT): The Bon-Ton Stores, Inc --Issuer Default Rating (IDR) at 'B-' The Bon-Ton Department Stores, Inc --IDR at 'B-'; --Senior secured credit facility at 'B+/RR2'.
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