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Fitch downgrades Tiffany to BBB+
Fitch Ratings said it downgraded the long-term issuer default rating for Tiffany & Co. to BBB+ from A-.
The outlook is stable.
Fitch said the downgrade reflects its changing expectations for Tiffany's medium-term EBITDA trends given signs of a luxury spending slowdown in the U.S. and other key markets as well as the impact of the strong U.S. dollar on tourist spend in the U.S. (Fitch projects foreign tourism accounts for roughly 25% of Tiffany's U.S. sales).
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