S&P cuts Russell ratings

Standard & Poor's said it lowered its corporate credit rating on Russell Corp. to BB from BB+ and the senior unsecured debt rating to BB- from BB.

The outlook is stable.

S&P said the ratings downgrade follows S&P's review of Russell and reflects the company's weakened financial measures for fiscal 2003 and incorporates the uncertainty as to when credit measures will recover.

The ratings on Russell reflect the company's participation in the highly competitive and volatile apparel industry, a narrow product focus, and some commodity-like products within the company's portfolio. Somewhat mitigating these factors are the company's well-known brand name, its strong market position, and its moderate financial profile, the agency 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.