We expect performance for diamond and specialty jewelry retailer Signet Jewelers Ltd. to remain under pressure in fiscal 2020 (ending February 2020) due to risks associated with weak economic trends in the U.S. and Europe, planned store closures, and exposure to a mall-centric store fleet. Signet also plans to refinance its capital structure in a largely leverage-neutral transaction extending debt maturities. As a result, S&P Global Ratings lowered its ratings on Signet, including the issuer credit rating to 'BB-' from 'BB'. The negative outlook reflects the potential for a lower rating if Signet's business prospects weaken further from competitive pressure or execution issues, causing continued comparable same-store sales declines, EBITDA deterioration, and weaker credit metrics. The downgrade on Signet Jewelers
