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Prospect News home > News index > List of issuers F > Headlines for Fossil Group, Inc. > News item |
S&P lowers Fossil Group
S&P said it downgraded the issuer credit rating on Fossil Group Inc. to B+ from BB- and cut the issue-level rating on the company's $200 million term loan to BB- from BB. The 2 recovery rating is unchanged.
“The downgrade reflects our revised performance expectations for Fossil following significant operational missteps during the last quarter of fiscal 2019, which led to a significant EBITDA drop, increase in leverage and negative free operating cash flow (FOCF). The company recently amended covenants under its term loan agreement,” said S&P in a press release.
The outlook is negative.
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