CCA Industries Inc
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Consumer Staples : Personal Products | Small Cap ValueCompany profile

CCA Industries, Inc. (CCA) manufactures and distributes health and beauty aid products. The Company is engaged in the sale of products in several health-and-beauty aids over-the-counter drug and remedies, and cosmeceutical categories. Under its brand names, the Company markets several different but categorically related products. The Company's principal brand and trademark names include Plus+White (oral health-care products), Sudden Change (skin-care products), Nutra Nail (nail treatments), Bikini Zone (pre and after-shave products), Hair Off (depilatories), Solar Sense (sun-care products), Sunset Cafe (perfumes), Lobe Wonder (ear-care product) and Scar Zone (scar diminishing cream).The Company markets its products to drug, food and mass-merchandise retail chains, warehouse clubs and wholesalers, throughout the United States, and through distributors internationally.

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Here's why corporate debt investors may want to eye Ford's downgrade into 'junk'

3:16 pm ET September 10, 2019 (MarketWatch)

By Sunny Oh

Ford could become the fifth largest fallen angel in history


Moody's decision to downgrade Ford's debt to "junk" rating" ( sent alarm bells ringing among investors who have been jittery over the prospect of over-leveraged U.S. corporations losing their highly coveted investment-grade ratings.

But its their less creditworthy counterparts that may need to worry if Ford receives another downgrade by credit rating agencies S&P or Fitch and officially pushes the automaker out of investment-grade bond indexes. The sudden entry of a large issuer like Ford(F) into the high-yield bond market could weigh on prices for junk corporate credit.

The U.S. carmaker's more than $35 billion of debt would represent around 3% of the high-yield index. If one more credit ratings firm downgrades Ford, it would become the fifth biggest "fallen angel," or high-yield issuer once rated as investment-grade.

Analysts point to 2005 as a example of how fallen angels could overwhelm demand as investors struggle to absorb the bonds of the new entrant into the high-yield market.

Back then, troubles in the U.S. car industry saw both General Motors and Ford lose their investment-grade status. The junk bond market choked on the influx of supply as the total debt outstanding issued by both firms exceeded more than 12% of the overall market.

As a result, Marty Fridson, chief investment officer of Lehmann Livian Fridson Advisors, estimated ( downgrade of General Motors and its subsidiaries alone had caused high-yield credit spreads to widen by 50 points in 2005.

In other words, the extra premium investors demanded in return for owning a basket of junk bonds over comparable U.S. Treasurys had increased by another 50 basis points.

Investors have until now mostly focused on the $3 trillion worth of BBB-rated investment grade debt that is on the precipice of being downgraded to a junk rating, and may need to be sold by conservative investors like pension funds and insurance companies barred from holding debt from high-yield issuers.

But Hans Mikkelsen, head of U.S. investment grade bond strategy at Bank of America Merrill Lynch, said Ford's downgrade is more of an outlier in a largely improving story for the BBB-rated market.

"We think the Ford situation is idiosyncratic and has little read-through for the BBB-rated segment of the IG market where companies are less cyclical and using levers (cutting dividends, selling assets, etc.) to defend their IG ratings," said Mikkelsen.

See: Ford's debt rating gets downgraded to junk by Moody's (

Opinion: The investing opportunity of a lifetime awaits us when the recession arrives (

-Sunny Oh; 415-439-6400;

(END) Dow Jones Newswires

September 10, 2019 15:16 ET (19:16 GMT)

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