Moody’s cuts Signet UK

Moody's Investors Service said it downgraded Signet UK Finance plc's corporate family rating to Ba2 from Ba1, downgraded its senior notes to Ba2 from Ba1, downgraded its probability of default rating to Ba2-PD from Ba1-PD and downgraded its speculative grade liquidity rating from SGL-1 to SGL-2.

The outlook remains negative.

“Signet's leverage will remain elevated as the company works to stabilize its operational performance and keep pace with the jewelry industry,” Moody's vice president Christina Boni said in a news release.

“Conservative financial policy will be required to improve its credit profile during its transformation.”

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