Moody’s changes Cole Haan to negative

Moody's Investors Service said it changed Calceus Acquisition Inc.'s (Cole Haan) outlook to negative from stable and affirmed all of the company's ratings, including the B3 corporate family rating, B3-PD probability of default rating and B3 senior secured term loan rating.

Moody’s said the negative outlook reflects the risk that continued challenges in the wholesale segment evident in the operating performance decline in Q3 2016 (ended February) could pressure Cole Haan's earnings in the coming quarters. Given the company's high leverage and weak cash generation, this could result in an increasingly unsustainable capital structure and strain the company's liquidity position.

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