Moody's lowers Escada

Moody's Investors Service said it downgraded Escada AG corporate family rating to B2 from B1 and downgraded the senior unsecured rating on the notes due 2012 to B2 from B1 (LGD3, 49%).

The rating action concludes the review process initiated on the April 10, following the profit warning announced by the company.

The outlook is negative.

According to Moody's, the rating downgrade reflects the expectations that the company operating performance during the current financial year is likely to remain under pressure given the current market conditions.

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