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Nine West Holdings Downgraded

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On January 19, 2017, Moody’s Investors Service downgraded Nine West Holdings, Inc.’s corporate family rating to Caa3 from Caa2, probability of default rating to Caa3-PD from Caa2-PD, Senior Secured Bank Credit Facility to Caa1 from B3, Senior Unsecured Bank Credit Facility to Caa3 from Caa2 and other Senior Unsecured debt to Ca from Caa3. “Despite the positive impact expected from the recent sale of its Easy Spirit wholesale business and acquisition of Kasper Topco Limited, the ratings were downgraded to reflect Nine West’s very high leverage and unsustainable capital structure due to weak operating performance and high debt levels,” stated Moody’s Analyst, Mike Zuccaro. Zuccaro added, “while the company has taken additional actions to improve operations, significant improvement is still needed to reduce leverage to more sustainable levels… Nine West has a very high probability of default, including the potential for a distressed exchange-type of restructuring.” Read more on distressed companies.

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