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S&P: Tommy Hilfiger remains on watch
Standard & Poor's said its ratings on Tommy Hilfiger USA Inc., including its BB- corporate credit rating, remain on CreditWatch with negative implications, where they were placed on Nov. 3, 2004.
S&P noted the ratings remain on CreditWatch following the company's announcement that it has agreed to be acquired by Apax Partners for $1.6 billion.
Although the financing plans for this transaction were not disclosed, S&P said it expects a significant portion would be debt financed.
In addition, the operating challenges in invigorating the Tommy Hilfiger brand and the ability to reverse the company's negative operating trends in recent periods are concerns, the agency noted.
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