Moody's downgrades Fossil's CFR to Ba3, outlook remains negative
Rating Action: Moody's downgrades Fossil's CFR to Ba3, outlook remains negative. Global Credit Research- 16 Aug 2017. New York, August 16, 2017-- Moody's Investors Service, downgraded Fossil Group, Inc.' s ratings, including its Corporate Family Rating to Ba3 from Ba2, Probability of Default Rating to Ba3-PD from Ba2-PD, senior secured facilities to Ba2 from Ba1 and its unsecured shelf rating to B2 from B1.Fossil Group is a design, marketing and distribution company that focuses on consumer fashion accessories. The company's principal offerings include a line of men's and women's fashion watches and jewelry, handbags, small leather goods, belts and sunglasses. The company's products are distributed through various distribution channels, including wholesale in countries where the company has a physical presence, direct to the consumer through the company's retail stores and commercial websites and through third-party distributors in countries where the company does not maintain a physical presence. The company's reportable operating segments are comprised of Americas, Europe, and Asia.
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