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Fitch cuts Kohl’s to BBB-
Fitch Ratings said it downgraded the long-term issuer default rating for Kohl’s Corp. to BBB- from BBB. The outlook is negative.
“The downgrade and negative outlook reflect the significant business interruption from coronavirus and the implications of a downturn in discretionary spending that Fitch expects could extend well into 2021,” said Fitch in a press release.
Fitch said it forecasts a sharp increase in leverage to over 6x in 2020 from 2.3x in 2019, based on EBITDA declining to about $550 million from $2 billion on a sales decline of 20% to just under $16 billion.
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