Moody’s trims Signet UK Finance notes

Moody’s Investors Service said it downgraded Signet UK Finance plc’s senior notes to Ba3 from Ba2 and affirmed both Signet’s Ba2 corporate family rating and Ba2-PD probability of default rating.

Signet’s SGL-2 speculative grade liquidity rating and negative outlook are unchanged.

“Signet’s leverage will remain elevated as the company works to stabilize its operational performance and keep pace with the jewelry industry. Any senior notes remaining after the tenders will be subordinated to its new $1.6 billion of committed secured financing,” said Christina Boni, Moody’s vice president, in a news release.

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