S&P Global Ratings has cut its main credit rating for David’s Bridal Inc., the 300-store Conshohocken dress chain, to CCC+, from B-, and warned it may cut again.

The company’s operating performance “has remained significantly weaker than anticipated after emergency from bankruptcy, and we expect continued deterioration in the company’s profitability” over the next year, S&P said in a statement.

“David’s Bridal is at elevated risk of failure” to pay its long-term debts “as we expect poor customer traffic will pressure operating performance,” S&P added.

The chain’s owners, led by private-equity firm Clayton Dubilier & Rice, gave control to creditors led by Bank of America in U.S. Bankruptcy Court proceedings earlier this year, after managers complained fewer Americans are buying wedding dresses, and online shoppers had been shifting to China-based competition.