Moody’s lowers Men's Wearhouse

Moody's Investors Service said it downgraded Men's Wearhouse, Inc. ratings, including its corporate family rating to Caa2 from B3, probability of default rating to Caa2-PD from B3-PD, secured term loan rating to Caa2 from B3 and unsecured note rating to Ca from Caa2.

The company's speculative grade liquidity rating is unchanged at SGL-3. The outlook is negative.

Men's Wearhouse is a subsidiary of Tailored Brands, Inc.

The agency said the downgrades reflects Moody's view that Tailored Brands' operating performance will significantly deteriorate in 2020 due to the unprecedented disruptions caused by the coronavirus outbreak, leading to an elevated risk of debt restructuring.

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