S&P cuts Coach to CCC

Standard & Poor's said it lowered its ratings on Coach America Holdings Inc., including the corporate credit rating to CCC from B-.

"The downgrade reflects our increased concerns over Coach's liquidity and our belief that the company likely will face covenant compliance issues this quarter," said S&P credit analyst Lisa Jenkins in the news release. "Coach is highly leveraged, which has made it especially vulnerable to fluctuations in earnings and cash flow," she said.

All ratings remain on CreditWatch, where S&P placed them on Dec. 21 with negative implications.

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