Moody's confirms Escada

Moody's Investors Service said it confirmed Escada AG's B2 corporate family rating and the B2 (LGD3, 47%) senior unsecured rating on its notes due 2012.

The action concludes the review that began on June 23, when the company announced the second profit warning in less than three months.

The outlook is negative.

Moody's said the confirmation reflects the company's liquidity profile following the announced signing of a €90 million bank facility and a €50 million capital injection.

"Moody's expects the company's operating performance during the current financial year to remain under pressure given the current market conditions, however the recently announced measures partially remove the concerns on the company's liquidity profile," Paolo Leschiutta, Moody's analyst, said in a written statement.

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