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Recovery Report: Phillips-Van Heusen Corp.'s Recovery Ratings Profile May 11
Standard & Poors, May 2011
Standard & Poor's Ratings Services has updated its issue-level and recovery ratings on Phillips-Van Heusen Corp.'s (PVH's) senior secured and unsecured debts. The recovery ratings for the senior secured credit facilities are unchanged. We have revised the recovery rating on the senior unsecured notes to '3' from '5' as a result of the company's recent voluntary debt repayment and more-aggressive amortization schedule for its term loan A. We have likewise changed our issue-level ratings on the senior unsecured notes to 'BB+' from 'BB'. We believe the company would reorganize in the event of default due to its strong brand names and leading market shares in several fashion categories. The company's capital structure consists of a multicurrency revolving credit facility of...
Companies mentioned in this report are:
- PVH Corp.
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.
Research Type: Full Analysis
- PVH Corp.