S&P assigns A- to Ralph Lauren notes

S&P said it assigned its A- issue-level rating to Ralph Lauren Corp.'s proposed senior notes due 2025.

The notes will rank pari passu with the company's existing and future unsecured and unsubordinated debt, the agency said.

S&P said it expects the company to use the proceeds from the notes to repay $300 million of its 2.125% senior notes due Sept. 26, 2018, and for other general corporate purposes.

All other ratings on Ralph Lauren, including the A- issuer credit rating and A-2 short-term rating, are unchanged.

“The proposed transaction will modestly increase Ralph Lauren's leverage with pro forma debt-to-EBITDA at below 1.0x as of June 30, 2018,” the agency said in a news release.

“We expect the company to continue to maintain conservative financial policies with debt leverage of less 1.5x.”

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