S&P rates Ralph Lauren notes A-

S&P said it assigned its A- rating to Ralph Lauren Corp.’s proposed senior unsecured notes issued in two tranches. The notes will be structurally subordinated to the company’s credit facility, which is guaranteed by all of the company’s significant subsidiaries.

Ralph Lauren plans to use the proceeds for general corporate purposes, which may include the repayment of $475 million outstanding under its $500 million revolving credit facility and repay its $300 million senior notes due in August.

“We believe the transaction is leverage neutral,” S&P said in a press release.

All the agency’s ratings on Ralph Lauren, including the A- issuer-credit rating, remain on CreditWatch, where S&P placed them with negative implications on April 6, S&P said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.