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David’s Bridal Downgraded

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On September 11, 2017, Moody’s Investors Service downgraded David’s Bridal, Inc.’s corporate family rating to Caa2 from Caa1, probability of default rating to Caa2-PD from Caa1-PD, senior secured term loan rating to Caa1 from B3 and affirmed its Caa3 rating on the Company’s senior unsecured notes. According to Moody’s, the downgrade reflects David’s Bridal’s heightened risk of a balance sheet restructuring or other distressed exchange in light of its high leverage and 2019 nearest maturities. While Moody’s expects earnings to improve and projects adequate liquidity in the next several quarters, any growth may not be sufficient to reduce leverage towards a sustainable level of 6 times in the near term. Read more on distressed companies.

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