Moody’s lowers Ascena Retail

Moody's Investors Service said it downgraded Ascena Retail Group, Inc.'s corporate family rating to B3 from B1, probability of default rating to B3-PD from B1-PD and senior secured term loan rating to B3 from B1.

The speculative grade liquidity rating was affirmed at SGL-2.

The outlook was changed to negative from stable.

The agency said the downgrades reflect Moody's expectations for significantly weaker than previously anticipated earnings in fiscal years 2019 and 2020 and negative free cash flow generation after charges related to the Dressbarn wind down and other restructuring.

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