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Moody's downgrades Cole Haan
Moody's Investors Service said it downgraded Calceus Acquisition, Inc.'s (Cole Haan) corporate family rating to Caa1 from B3, probability of default rating to Caa1-PD from B3-PD and senior secured term loan rating to Caa1 from B3.
“The downgrade reflects the longer than anticipated recovery of the company's sales and earnings since the start of the pandemic. Cole Haan finished FY 2021 with negative EBITDA and free cash flow, and while the company has generated positive EBITDA in the first two quarters of FY 2022, credit metrics are very weak with Moody's adjusted debt/EBITDA of 13.3x and Moody's adjusted EBIT/interest expense of -0.8x for the LTM period ended Nov. 27, 2021.
“While Moody's expects the recovery to continue, the pace is highly uncertain. Moody's expects the company to maintain adequate liquidity,” the agency said in a press release.
The outlook is stable.
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