S&P changes Capri Holdings view to negative

S&P said it revised its outlook on Capri Holdings Ltd. to negative from stable and affirmed all of its ratings, including the BBB- issuer credit rating, on the company.

“We expect the spread of the coronavirus will result in a swift and severe drop in consumer spending this year, as restrictive mandates to contain the outbreak, including store closures, and deflating confidence upend near-term consumer behavior,” S&P said in a news release.

“We believe Capri's operating results will be significantly weaker than we previously expected, pressuring credit metrics in fiscal 2021 (ending March 31, 2021).”

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