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Moody's could cut Jones Group
Moody's Investors Service said it placed Jones Group Inc.'s Ba2 corporate family and Ba2-PD probability of default ratings on review for downgrade.
The Ba3 ratings assigned to the company's various senior unsecured notes were also placed on review for downgrade.
The company's SGL-2 speculative grade liquidity rating is unchanged.
Moody's said the review for downgrade considers the company's preliminary first quarter results, which indicate that adjusted operating income (as defined by the company) is expected to fall more than 30% from the prior year levels and that the company also expects a year-on-year decline in earnings in the second quarter of 2013.
As a result, the agency said it expects Jones Group's credit metrics to remain at elevated levels and are unlikely to meaningfully improve over the course of 2013 as previously expected.
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