Research Update: Signet Jewelers Ltd. Rating Lowered To 'BB' On Continued Dim Business Prospects; Outlook Negative - S&P Global Ratings’ Credit Research

Research Update: Signet Jewelers Ltd. Rating Lowered To 'BB' On Continued Dim Business Prospects; Outlook Negative

Research Update: Signet Jewelers Ltd. Rating Lowered To 'BB' On Continued Dim Business Prospects; Outlook Negative - S&P Global Ratings’ Credit Research
Research Update: Signet Jewelers Ltd. Rating Lowered To 'BB' On Continued Dim Business Prospects; Outlook Negative
Published Jan 25, 2019
8 pages (2779 words) — Published Jan 25, 2019
Price US$ 225.00  |  Buy this Report Now

About This Report

  
Abstract:

Diamond and specialty jewelry retailer Signet Jewelers Ltd. recently lowered its sales and earnings guidance for fiscal 2019 (ending on Feb. 2, 2019) following weak operating performance during the holiday season. We expect performance to remain soft in fiscal 2020 (ending February 2020) stemming from heightened competition from department stores and other retailers with more attractive product and price offerings. As a result, on Jan. 25, 2019, S&P Global Ratings lowered the issuer credit rating on Signet to 'BB' from 'BB+'. The outlook is negative. We also lowered the issue-level rating on the company's $400 million senior unsecured notes due in 2024 to 'BB' from 'BB+'. The '3' recovery rating on the debt is unchanged. The negative outlook reflects the

  
Brief Excerpt:

...+ Diamond and specialty jewelry retailer Signet Jewelers Ltd. recently lowered its sales and earnings guidance for fiscal 2019 (ending on Feb. 2, 2019) following weak operating performance during the holiday season. + We expect performance to remain soft in fiscal 2020 (ending February 2020) stemming from heightened competition from department stores and other retailers with more attractive product and price offerings. + As a result, on Jan. 25, 2019, S&P Global Ratings lowered the issuer credit rating on Signet to '##' from '##+'. The outlook is negative. We also lowered the issue-level rating on the company's $400 million senior unsecured notes due in 2024 to '##' from '##+'. The '3' recovery rating on the debt is unchanged. + The negative outlook reflects the potential for a lower rating if Signet's business prospects weaken further, causing continued margin deterioration....

  
Report Type:

Research Update

Ticker
SIG@LN
Issuer
Signet Jewelers Ltd.
GICS
Specialty Stores (25504040)
Sector
Global Issuers
Country
Bermuda
Region
Latin America
Format:
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Research Update: Signet Jewelers Ltd. Rating Lowered To 'BB' On Continued Dim Business Prospects; Outlook Negative" Jan 25, 2019. Alacra Store. Apr 30, 2024. <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-Signet-Jewelers-Ltd-Rating-Lowered-To-BB-On-Continued-Dim-Business-Prospects-Outlook-Negative-2173926>
  
APA:
S&P Global Ratings’ Credit Research. (). Research Update: Signet Jewelers Ltd. Rating Lowered To 'BB' On Continued Dim Business Prospects; Outlook Negative Jan 25, 2019. New York, NY: Alacra Store. Retrieved Apr 30, 2024 from <http://www.alacrastore.com/s-and-p-credit-research/Research-Update-Signet-Jewelers-Ltd-Rating-Lowered-To-BB-On-Continued-Dim-Business-Prospects-Outlook-Negative-2173926>
  
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