Meet the new ‘fallen angels’: Macy’s, Coach- and Michael Kors-parent credits cut to ‘junk’ at Fitch
April 01, 2020 at 13:11 PM EDT
Macy’s Inc., Coach-parent Tapestry Inc. and Michael Kors-parent Capri Holdings Ltd. have joined the ranks of “fallen angels,” after Fitch Ratings downgraded their credit ratings to “junk” territory, citing the “unprecedented” impact of the COVID-19 outbreak on the consumer spending on nonessential items.
