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S&P lowers L Brands
S&P said it lowered all ratings on L Brands Inc., including the issuer rating to B+ from BB-.
The outlook is negative.
“We believe Columbus, Ohio-based L Brands Inc. will face significant top-line headwinds this year, as restrictive government mandates to contain the coronavirus pandemic lead to temporary store closures, deflated consumer confidence, and a swift and severe drop in discretionary consumer spending,” the agency said in a news release.
“As a result, we expect L Brands' operating performance and credit metrics will be meaningfully weaker than our previous expectations.”
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