Standard & Poor's Ratings Services lowered its corporate credit rating on Quiksilver, the surfwear apparel maker and retailer that operates retail shops in Hawai'i and elsewhere.

The agency lowered ratings to B+ from BB- and reduced the rating on the Huntington Beach, California-based company's $400 million senior unsecured notes due 2015 to B1 from B. All of the ratings are below investment grade.

"The ratings downgrade reflects Quiksilver's continued weak credit measures, and our uncertainty regarding the company's ability to improve operating performance, given the current challenging economic and retail environment," said S&P analyst Susan H. Ding, in a press statement Monday.

Quiksilver shares fell 10 cents to $1.20 in trading Tuesday.