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S&P reviews Kate Spade
S&P said it placed the ratings, including the BB- corporate credit rating, on Kate Spade & Co. on CreditWatch with positive implications.
"The CreditWatch placement follows Kate Spade's announcement that it has signed a definitive agreement to be acquired by the premium accessory retailer Coach Inc. in a $2.4 billion transaction. The transaction is aimed at diversifying Coach's portfolio of modern luxury accessory brands, including Coach and Stuart Weitzman, while providing greater share to the millennial demographic," S&P credit analyst Mathew Christy said in a news release.
"Before the acquisition, we expected Kate Spade's leverage in mid-2x range in 2017 and FFO-to-debt in the low 30% range. We expect the transaction to close in the third calendar quarter of 2017."
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