Moody’s cuts Fossil facilities to Ba1

Moody's Investors Service said it downgraded Fossil Group, Inc.'s secured credit facilities to Ba1 from Baa3 and its unsecured shelf rating to provisional B1 from provisional Baa3.

In addition, the agency assigned a Ba2 corporate family rating, Ba2-PD probability of default rating and SGL-3 speculative grade liquidity rating.

The outlook is negative.

"The downgrade and negative outlook reflect Fossil's weakened operating performance and credit metrics, and our expectation that significant challenges will persist over the next 12-18 months," Moody’s assistant vice president Mike Zuccaro said in a news release.

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