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Moody’s cuts Isabel Marant
Moody’s Investors Service said it downgraded the corporate family rating of IM Group SAS (Isabel Marant), a holding company owner of French luxury apparel company Isabel Marant, to B3 from B2.
Moody’s also downgraded the company’s probability of default rating to B2-PD from B1-PD and downgraded IMG’s guaranteed senior secured notes due 2025 to B3 from B2.
“Today’s downgrade reflects our expectations that the spread of the coronavirus and store closures will negatively impact Isabel Marant’s results and key credit metrics in 2020, and that the company is likely to have weaker credit metrics and liquidity post the crisis,” said Guillaume Leglise, an assistant vice president and Moody’s lead analyst on Isabel Marant, in a press release.
Moody’s changed the outlook to negative from stable. “The negative outlook reflects the uncertainty surrounding the losses, demand and potential impact on the supply chain as a result of the coronavirus outbreak,” the agency said.
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