Moody's downgrades Ascena's CFR to Ca following Chapter 11 filing
Rating Action: Moody's downgrades Ascena's CFR to Ca following Chapter 11 filing. Global Credit Research- 24 Jul 2020. New York, July 24, 2020-- Moody's Investors Service downgraded Ascena Retail Group, Inc.' s corporate family rating to Ca from Caa3, probability of default rating to D-PD from Caa3-PD and term loan rating to Ca from Caa3 following the company's announcement that it has filed for protection under Chapter 11 of the US Bankruptcy Code.Ascena Retail Group is a specialty retailer of apparel for women and tween girls. The company has four operating segments: Premium Fashion, which consists of the Ann Taylor and LOFT brands; Value Fashion, which consists of the maurices and dressbarn brands; Plus Fashion, which consists of the Lane Bryant and Catherines brands; and Kids Fashion, which consists of the Justice brand. All of the company's segments sell fashion merchandise to the women's and girls' apparel market across a range of ages, sizes and demographics.
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