Moody’s assigns Baa2 to Coach notes

Moody's Investors Service said it assigned a Baa2 rating to Coach Inc.'s proposed new $1 billion senior unsecured notes.

Proceeds will be used to partially finance the company's acquisition of Kate Spade and Co.

All other ratings and the negative outlook are unchanged.

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. With the addition of Kate Spade the company's already meaningful scale will further increase to about $5.9 billion in global revenue, the agency added.

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