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S&P: Kate Spade outlook to positive
Standard & Poor's said it revised its rating outlook on Kate Spade & Co. to positive from stable and affirmed the B+ corporate credit rating.
The agency also affirmed its B+ issue-level rating on the company's senior secured term loan due 2021. The 3 recovery rating is unchanged, indicating an expectation for meaningful recovery (50%-70%; upper half of the range) of principal in the event of a payment default.
"The rating actions reflect Kate Spade's strong operating momentum over the first nine months of 2015 and our expectation that this growth will continue over the next 12 months, resulting in improved credit metrics," S&P credit analyst Mathew Christy said in a news release.
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