Moody’s Investors Service cut its credit rating on Neiman Marcus Group and weighed in on the prospective financing package that will fund the company’s $6 billion takeover and add another $1.9 billion in debt.
The debt watchdog reduced its corporate family rating on the retailer to “B3” from “B2,” and said the downgrade “acknowledges that the company’s debt levels will increase to about $4.6 billion from $2.7 billion as a result of [Neiman’s] $6 billion leveraged buyout by Ares Management LLC and the Canada Pension Plan Investment Board.”
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