Meet the new ‘fallen angels’: Macy’s, Coach- and Michael Kors-parent credits cut to ‘junk’ at Fitch

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.
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