S&P drops Tailored Brands

S&P said it downgraded Tailored Brands Inc. and the rating on its term loan to B from B+, citing weak performance.

The agency also lowered the rating on the senior unsecured notes to CCC+ from B-.

“The downgrade reflects Tailored’s lower topline sales and profitability in the first half of 2019. We expect consolidated operating profit will remain under pressure over the next 12 months, resulting in weaker credit metrics even with the potential for future debt paydown,” said S&P in a press release.

The outlook is negative.

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