Moody's drops Oxford

Moody's Investors Service said it lowered Oxford Industries, Inc.'s corporate family and probability of default ratings to B1 from Ba3 and lowered the company's senior unsecured note rating to B2 from B1.

The outlook is stable.

Moody's said that the rating actions conclude the review for possible downgrade that commenced May 5.

The downgrade reflects the continued decline of Oxford's operating margins and resulting pressure on the company's financial metrics, Moody's said, noting that it expects that the unfavorable economic environment will continue to negatively impact Oxford's earnings, particularly given the company's high concentration of retail locations in areas of the U.S., which have been particularly hard hit by the economic downturn.

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