Moody’s downgrades TOMS Shoes

Moody's Investors Service said it downgraded the corporate family rating and senior secured first-lien term loan rating for TOMS Shoes, LLC to Caa3 from Caa2.

The company's Caa2-PD probability of default rating was affirmed.

The outlook is negative.

The agency said the downgrades reflect an estimate of a below average family recovery rate in a potential event-of-default scenario as a result of the company's weak earnings performance.

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