Moody’s lowers Vince to Caa2

Moody's Investors Service said it downgraded Vince, LLC's corporate family rating to Caa2 from Caa1 and probability of default rating to Caa2-PD from Caa1-PD.

The Caa2 rating on the company's senior secured first-lien term loan due 2019 and SGL-4 speculative grade liquidity rating were affirmed.

The outlook was changed to negative.

"The downgrade and negative outlook reflect ongoing weak operating performance in the business and a worsened liquidity profile, that is highlighted by negative free cash flow, greater reliance on the company's ABL facility, and an expectation that Vince's term loan credit agreement will need to be amended over the near term in order to avoid an event of default," Moody's assistant vice president and lead analyst Dan Altieri said in a news release.

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