Moody's Ratings downgrades Burberry to Baa3 from Baa2 on weakened performance and higher leverage; outlook remains negative
Moody's Ratings (Moody's) has today downgraded to Baa3 from Baa2 the long-term issuer rating of Burberry Group plc (Burberry or the company), the UK-based luxury fashion group. We have also downgraded to Baa3 from Baa2 the ratings of Burberry's £300 million guaranteed senior unsecured notes due Sept...Burberry Group designs, makes, sources and sells luxury products under the Burberry brand. Co.'s products are for women, men and children and include apparel, accessories, and beauty. Co.'s products are sold globally through its directly operated store network and online at Burberry.com, as well as through franchisees and third-party retailers, both offline and online. In a few selected areas such as Eyewear and Beauty, Co. uses the product and distribution capability of licensing partners. Co. operates in three regions: Asia Pacific; Europe, Middle East, India and Africa; and Americas. As of Mar 31 2017, Co.'s store portfolio had 469 directly-operated stores and 48 franchise stores.
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