OREANDA-NEWS. Fitch Ratings has downgraded the Long-Term Issuer Default Rating (IDR) for Signet Jewelers Limited (Signet) to 'BB+' from 'BBB-'. The Rating Outlook is Stable. A full list of ratings follows at the end of this release.

The downgrade is due to weakening operating trends across Signet's brands, coupled with the announcement of a $625 million preferred equity investment by Leonard Green & Partners (Leonard Green), which Fitch treats as debt. Together, these issues are expected to elevate Signet's leverage profile over the medium term.