Moody’s gives Baa3 to Michael Kors notes

Moody's Investors Service said it assigned a Baa3 rating to senior unsecured note offering of Michael Kors (USA), Inc., a U.S.-based subsidiary of Michael Kors Holdings Ltd. (KORS).

The issuer rating and stable outlook are unchanged.

KORS intends to use the proceeds, along with borrowings under a new $1 billion senior unsecured term loan and cash on hand, to pay the purchase price of the Jimmy Choo acquisition, repay Jimmy Choo debt and pay related fees and expenses.

Moody’s said the Baa3 rating reflects the ownership of the well-known Michael Kors brand and its strong market position in the U.S. and Western European women's accessible luxury accessories markets, and growing position the Asia-Pacific region.

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