Agencies bring New Year distress to fallen angels

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by Oliver Holtaway

Standard & Poor’s ushered in the New Year with two high-profile fallen angel downgrades, while Fitch Ratings placed $14.4 billion of AT&T debt on the brink of junk.

S&P downgraded both Tommy Hilfiger USA and Toys ‘R’ Us from BBB- to BB+. Clothing manufacturer Tommy Hilfiger has struggled to achieve revenue growth in an intensely competitive sector, and S&P fears its newfound acquisition appetite will lead to more aggressive financial policies.

S&P downgraded Toys

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