Liz Claiborne Inc.’s $82.1 million in second-quarter losses weighed on its debt rating Thursday.
Moody’s downgraded the firm’s corporate family and probability of default ratings two notches to “B2” from “Ba3.” The rating on Claiborne’s 350 million euros, or $495.8 million, in senior unsecured notes was lowered to “Caa1” from “B2.” All Moody’s ratings on Claiborne’s debt were placed on review for further downgrade.
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