We expect the coronavirus pandemic to severely reduce consumer discretionary spending this year as restrictive mandates to contain the outbreak and deflating confidence upend near-term consumer behavior. Given the accelerated spread of the virus and our expectation for a global recession, we believe diamond and specialty jewelry retailer Signet Jewelers Ltd.'s credit metrics will be weaker than we previously anticipated in the near term. Accordingly, we are lowering all of our ratings on Signet, including our issuer credit rating and our issue-level rating on its unsecured notes, to 'B+' from 'BB-'. Our '3' recovery rating on the notes remains unchanged. The negative outlook reflects the elevated risk we will lower our rating on Signet if there is a prolonged disruption
