Moody's smiles on Saks

NEW YORK — Moody's Investors Service, one of the three big corporate credit-rating agencies, has boosted its ratings on department store retailer Saks Inc., citing stabilization of market share and improving margins.

Moody's lifted its ratings on about $1.2 billion in Saks debt securities to Ba3 from a prior rating of B1.

Further supporting the stronger rating, Moody's cited reduction in leverage from "sustained improvements in store operating profitability" and debt reduction from cash flow. Moody's also applauded the sale of the company's credit-card-receivables portfolio and its ability to fund its growth and working capital needs from internally generated cash flow and cash balances.

The ratings agency also said it liked fixed charge coverage levels, which are strong for the rating category, and "highly satisfactory liquidity; modest upcoming debt maturities; and the company's unencumbered real estate."

Home & Textiles Today Staff | News & Commentary

 Home Textiles Today is the market-leading brand covering the home and textiles markets, offering a comprehensive package of print and online products. Home & Textiles Today provides industry news, product trends and introductions, exclusive industry research, consumer data, store operations solutions, trade show news and much more.

Featured Video

  • Live From New York: Fashion Comes Across the Pond

    Camera Icon More Videos

Subscribe to
Home & Textiles Today eDaily
Receive the news you need to know about the trends in the industry delivered right to your inbox.


HTT Cover October 2017

See the October 2017 issue of Home & Textiles Today. In this issue, we look at the Top 25 Online Retailers.  H&TT's exclusive annual ranking of the biggest online sellers of home textiles finds that while pure play etailers continue to fly, bricks & clicks are digging into omnichannel. See details!