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Moody's revises Nine West to negative
Moody's Investors Service said it revised the outlook on Nine West Holdings, Inc. to negative from stable and affirmed its corporate family rating at B3, probability of default rating at B3-PD, speculative grade liquidity rating at SGL-2, senior secured credit facility at Ba3(LGD2), senior unsecured credit facility at B3 (LGD4) and senior unsecured bonds at Caa2 (LGD5) and Jones Group Inc.’s senior unsecured bonds at Caa2 (LGD5).
The agency said the outlook revision reflects Nine West's ongoing deterioration in operating performance evidenced by an adjusted last-12-months EBITDA, which declined from $203 million in fiscal year 2013 to $150 million as of the end of the first quarter of 2015.
"The outlook revision to negative follows Nine West's announcement of weaker-than-expected first-quarter earnings. While we expected women's jeanswear to be challenged, the negative pressure was broader than anticipated as some footwear products did not resonate with consumers,” Moody's vice president Scott Tuhy said in an agency news release.
The affirmation of the company's B3 corporate family rating reflects the agency’s view that the company continues to maintain good liquidity, which would allow it to undergo its operational restructuring and reorganization efforts, and the company's lack of near-dated maturities until April 2019.
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