Fitch upgrades Capri facility to BBB-

Fitch Ratings said it upgraded Capri Holdings Ltd.’s revolving credit facility, which is co-borrowed by its subsidiary Michael Kors (USA), Inc., and term loans to BBB-/RR1 from BB+/RR4.

The upgrade follows an amendment to secure the previously unsecured instruments with certain U.S. assets and the company’s intellectual property, including Michael Kors, Jimmy Choo and Versace brands, the agency said.

Fitch also affirmed Capri’s remaining ratings, including the long-term issuer default rating at both Capri and Michael Kors at BB+ and the unsecured notes issued by Michael Kors at BB+/RR4.

The outlook is negative.

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