Moody's turns Tapestry view to stable

Moody's Investors Service said it affirmed Tapestry, Inc.'s Baa2 senior unsecured rating and changed the outlook to stable from negative.

"The stable outlook reflects Tapestry's solid management of its liquidity and operations which support its ability to return credit metrics to levels indicative of its Baa2 rating," stated Christina Boni, a Moody’s senior vice president, in a press release.

"Luxury accessories demand has remained somewhat resilient during the pandemic as sales shifted meaningfully to digital in the face of weaker store traffic. The company has excellent liquidity evidenced by its $1.7 billion of cash and short-term investments and undrawn $900 million revolver," Boni added.

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