Fitch rates Signet loans BB+

Fitch Ratings said it assigned BB+/RR1 ratings to Signet Jewelers Ltd.'s new asset-based revolving credit facility and first in, last out term loan, which is being issued by Signet's subsidiary Signet Group Ltd.

Fitch also assigned a B+ long-term issuer default rating to Signet Group.

The agency affirmed the rest of Signet's ratings, including the B+ issuer default rating at Signet Jewelers and the BB/RR2 rating for unsecured notes issued by subsidiary Signet UK Finance plc.

The outlook is negative.

“Signet's ratings reflect reduced confidence in Signet's ability to reverse operational declines, which have driven EBITDA toward a projected approximately $450 million in 2019 from peak levels of $1 billion in 2015/2016,” the agency said in a news release.

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