We expect operating performance at Signet Jewelers Ltd. to remain soft in the next few quarters because of prolonged effects of operational issues, weak mall traffic, and potential execution risks during the partial transition of its in-house customer financing to third parties. We are revising our outlook to negative from stable and affirming all ratings on the company, including the 'BBB-' corporate credit rating. The negative outlook reflects our view that weakness in credit metrics will continue given the challenging retail environment. Also potential missteps with the outsourcing of its credit business during the critical upcoming holiday season would be a credit negative. On May 25, 2017, S&P Global Ratings revised its outlook on diamond and specialty jewelry retailer Signet