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Moody’s downgrades Michael Kors notes
Moody’s Investors Service said it downgraded Michael Kors (USA), Inc.’s senior unsecured notes to Ba2 from Ba1.
“The downgrade of its senior unsecured notes reflects their more junior position in the capital structure following Michael Kors’ amendment to its revolving credit and term loan facilities, which included the pledging of security,” said Christina Boni, a Moody’s vice president, in a press release.
“The amendment also provided additional short-term liquidity support through an additional $230 million 364 revolving credit commitment and covenant relief,” Boni added.
Moody’s affirmed all other ratings, including its Ba1 corporate family rating, Ba1 issuer rating and Ba1-PD probability of default rating. Michael Kors’ speculative grade liquidity rating is SGL-2. The outlook remains negative.
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