Moody's assigns Baa3 to PVH loans

Moody's Investors Service said it assigned Baa3 ratings to PVH Corp.'s senior unsecured bank credit facilities due 2027, consisting of an about $1.2 billion revolving credit facility issued by PVH, $1.15 billion multicurrency facility with PVH BV and PVH Brands Australia Pty Ltd. as co-borrowers, and PVH Asia Ltd., $50 million, and a €440.6 million term loan A issued by PVH BV. There is no change to PVH's other Baa3 senior unsecured rating or stable outlook.

The new credit facilities provide for upsized revolving credit facilities, with the availability of about $1.2 billion replacing the company's $1 billion in credit facilities due 2024. The about €440.6 million euro-denominated term loan A facility will also replace PVH BV's exiting term loan due 2024.

In a press release, Moody’s said, “PVH's debt burden is moderate with Moody's lease-adjusted debt/EBITDAR of around 2.5 times and EBITA/interest of around 6.1x as of Oct. 30, 2022. Moody's expects metrics to remain solid despite challenging global macroeconomic conditions.”

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