S&P gives BBB- to Coach notes

Standard & Poor’s said it assigned its BBB- issue-level rating (the same as the long-term corporate credit rating) to Coach Inc.’s proposed senior unsecured notes.

S&P said its negative outlook on the company reflects its expectation that negative sales trends and margin erosion will persist in fiscal 2015, primarily because of continued competitive pressures and the shift in Coach’s promotional strategy, especially in the United States.

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