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S&P: Hilfiger still on negative watch
Standard & Poor's said its ratings on Tommy Hilfiger USA Inc., including its BB- corporate credit rating, remain on CreditWatch with negative implications.
S&P said the ratings reflect S&P's concern regarding the company's negative operating trends, including the decline in revenues and the contraction in pre-tax earnings for the last-12-month period ended June 2005. The company currently does not report after-tax earnings and has not filed 10-Qs for the past three fiscal quarters, due to a previously disclosed government investigation.
The U.S. Attorney's office for the Southern District of New York was conducting an investigation regarding the company's commission payments to a foreign subsidiary. On Aug. 11, Tommy Hilfiger announced it settled the investigation by agreeing to pay about $18.1 million in taxes and interest and will file amended tax returns for the fiscal years 2001 to 2004.
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