Research Update: Phillips-Van Heusen Corp. Outlook Revised To Stable; Ratings Affirmed Apr 11

Standard & Poors, April 2011

Abstract
U.S. apparel company Phillips-Van Heusen's (PVH's) operating performance has improved over the past year. In addition, good progress has been made on the integration of Tommy Hilfiger and post-acquisition debt levels have been reduced with cash flow from operations. We are revising our outlook on the company to stable from negative. We are also affirming our 'BB+' corporate credit rating and raising our senior unsecured debt rating to 'BB+'. The stable outlook reflects our expectation for PVH's operating performance to remain relatively stable with its now-broader platform and that PVH will continue to aggressively reduce debt levels with cash flow. On April 29, 2011, Standard & Poor's Rating Services revised its outlook on New York City-based Phillips-Van Heusen Corp. (PVH)...

Companies mentioned in this report are:
- PVH Corp.

Action: Outlook: Stable

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

- PVH Corp.

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