Fitch assigns Kohl’s facility BBB, notes BBB-

Fitch Ratings said it assigned BBB rating to Kohl’s Corp.’s new secured $1.5 billion asset-based lending facility and a BBB- rating to its proposed $500 million of five-year unsecured notes.

“Kohl's ratings reflect the significant business interruption from the coronavirus and the implications of a downturn in discretionary spending that Fitch expects could extend well into 2021. Fitch anticipates a sharp increase in leverage to 8x in 2020 from 2.3x in 2019,” said Fitch in a press release.

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