| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers B > Headlines for Belk Inc. > News item |
Moody’s downgrades Belk
Moody’s Investors Service said it downgraded Belk, Inc.’s to Caa1 from B2 and its probability of default rating to Caa1-PD from B2-PD. Moody’s also downgraded the company’s senior secured first-lien term loan to Caa1 from B2.
“The, anticipated disruption of store closures and suppressed consumer demand from Covid-19 leaves Belk with weak liquidity and will further elevate its already high leverage,” said Christina Boni, Moody’s vice president, in a press release.
“The company’s $361 million of revolver availability at the end of Q319 could be utilized quickly in the event that stores remain closed for a protracted period of time, despite the offset of its online business,” Boni added.
The outlook remains negative.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.