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Moody's puts J Jill's ratings on review

NEW YORK (AP) -- Credit ratings agency Moody's on Monday put women's clothing retailer J Jill's ratings on review for a possible downgrade after the company failed to meet some requirements of its loans.

Moody's says the review was started because J Jill didn't provide audited statements as of Jan. 28, 2012 as its loan agreements require. In addition, it executed a forbearance agreement with its lenders after some technical defaults under its loan agreements.

The review will focus on whether or not J Jill will be able to obtain a permanent waiver and amendment under its loan agreements. It will also focus on the terms and conditions of any amendments and J Jill's operating performance.

The Talbots Inc. sold the J. Jill brand to an affiliate of a San Francisco based private-equity firm in 2009.