Moody’s assigns Coach notes Baa2

Moody's Investors Service said it assigned a Baa2 rating to Coach Inc.'s senior unsecured note offering.

The outlook remains stable.

Coach intends to use the proceeds for general corporate purposes, which may include capital expenditures, working capital, repayment of outstanding revolver borrowings, acquisitions, or investments in, and funding for, its Hudson Yards development.

Moody’s said the Baa2 senior unsecured rating reflects Coach’s ownership of the long-lived "Coach" brand, which continues to hold one of the leading shares in the women's handbag and small leather goods segment in its key geographic markets and its meaningful scale with excess of $4.5 billion in global revenue.

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