S&P affirms Liz Claiborne

Standard & Poor's said it affirmed its BBB long-term corporate credit and unsecured debt ratings on Liz Claiborne Inc.

At the same time, the agency said it lowered the short-term corporate credit and commercial paper ratings on Liz Claiborne to A-3 from A-2.

All ratings were removed from CreditWatch, where they were placed with negative implications on May 2, S&P said.

The outlook is negative.

S&P added that these rating actions reflect the execution risk associated with the company's new business model, the difficult retail environment and weakening credit protection measures, noting that there have been significant changes to the senior management team and the company's operating strategy is in transition.

The ratings on Liz Claiborne reflect the company's strong brand names and moderate financial profile, the agency said.

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