Company Press Release
SOURCE: Standard & Poor's CreditWire
Designer Holdings Rating Raised by S&P; Off CreditWatch
NEW YORK, Dec. 15 /PRNewswire/ -- Standard & Poor's today withdrew the double-'B'-minus corporate credit rating of Designer Holdings Ltd. (NYSE: DSH - news) following the completion of its acquisition by the Warnaco Group, Inc. (NYSE: WAC - news; corporate credit rating triple-'B', positive outlook) on Dec. 12, 1997. The rating was removed from CreditWatch, where it was placed Sept. 19, 1997.
The single-'B' rating on Designer Finance Trust's $120 million convertible trust originated preferred securities was raised to triple-'B'-minus from single-'B', reflecting the enhanced ability of the combined entity to service preferred dividends. This rating also was removed from CreditWatch.
Designer Holdings develops, sources, and markets designer jeanswear under the Calvin Klein Jeans label. Warnaco is a leading manufacturer of intimate apparel, menswear, and accessories. |
