UPDATE 1-Moody's, S&P may cut Phillips-Van Heusen ratings
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UPDATE 1-Moody's, S&P may cut Phillips-Van Heusen ratingsUPDATE 1-Moody's, S&P may cut Phillips-Van Heusen ratingsNEW YORK, March 15 (Reuters) - Moody's Investors Service and Standard & Poor's #xon MondayHair extensionssaid they may cut their ratings on Phillips-Van Heusen (PVH.N) , citing debt the apparel company will take on to fund its planned acquisition of fashion brand Tommy Hilfiger.The company said on Monday it will buy Tommy Hilfiger from London-based Apax Partners [APAX.UL] in a cash and stock deal worth about $3 billion to boost its presence in Europe and Asia. For details,hats, see [ID:nN15167494]."A significant portion of the purchase price is being funded with debt," Moody's said in a release.Moody's said it expects to downgrade New York-based Phillips-Van HeusenHair extensionsone notch to Ba3, three levels below investment grade, from Ba2 if the deal closes as planned.S&P said it would downgrade its ratings on Phillips-Van Heusen into junk territory, based on the amount of debt the firm plans to add. The rating agency currently rates the firm BBB-minus, the lowest investment grade."Phillips-Van Heusen has indicated that it intends to raise a significant amount of new debt," S&P said in a statement.This is planned to include $2.45 billion #xin senior secured debt, $600 million of senior unsecured notes, and $200 million in perpetualHair extensionsconvertible stock, S&P said.相关的主题文章：
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