ST. LOUIS, Sept. 26, 2007 (PRIME NEWSWIRE) -- Furniture Brands International, Inc. (NYSE:FBN) announced today that it has given notice to both Moody's Investors Service and Standard and Poor's Rating Services of Furniture Brands' request that they withdraw their credit rating on the Company.
Ralph Scozzafava, Vice Chairman and Chief Executive Officer Designate of Furniture Brands commented, "We have recently refinanced our bank credit facility and senior notes with a new asset based loan facility that does not require a credit rating. With our current capital structure and with no foreseeable debt issuance needs, we have concluded that we no longer need to maintain a third-party credit rating.
"We appreciate the service we have received from both credit rating agencies over the years, and our past practice of having our debt rated has served us well. We made this decision as part of our ongoing company-wide initiatives to gain efficiencies and to cut costs wherever possible."
Furniture Brands International is one of America's largest residential furniture companies. The company produces, sources, and markets its products under six of the best-known brand names in the industry -- Broyhill, Lane, Thomasville, Henredon, Drexel Heritage, and Maitland-Smith.
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