S&P cuts St. John Knits outlook to negative

Standard & Poor's said it revised its outlook on St. John Knits International Inc. to negative from stable.

At the same time, the agency said it affirmed its ratings on the company, including the B+ corporate credit rating.

The outlook revision follows S&P's review of St. John's recent operating performance, which reflects a weakening of credit protection measures.

The agency added that the rating reflects St. John's highly leveraged financial profile, narrow focus on high-end women's knitwear apparel and channel and customer concentration.

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