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Moody's Clips Russell's Debt Ratings

SEPTEMBER 27, 2005 -- Moody's Investors Service downgraded Russell Corp.'s debt ratings. The corporate family rating was downgraded to B1 from Ba3, the senior secured debt rating was dropped to Ba3 from Ba2 and the senior unsecured debt rating was downgraded to B2 from B1.

The agency said the actions reflect the medium-term impact on Russell's financial position of a lowered performance forecast for 2H05, following an unexpectedly weak 2Q05. They also reflect potentially longer-term margin pressure as a result of increased production and distribution costs, a more competitive pricing environment, and lower sales volume to Wal-Mart in '06, Moody's said.


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Categories
Sporting goods industry
Debt

Companies
Moodys Investor Service Inc.
Russell Inc.
Wal-Mart Stores

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debt ratings
senior unsecured debt rating
corporate family rating
Clips Russell
competitive pricing environment

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Moody





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