New York
NEWLY armed with an investment grade rating and looking to tap debt markets for the first time, the chief financial officer of retailer Fossil Group didn't like what he saw this past May.
"We didn't think the economics reflected our investment grade rating," Dennis Secor said when asked on an August earnings call with analysts why Fossil pulled a potential bond offering.
If Fossil executives didn't like the interest rate they would have had to pay in May, they most likely wouldn't now, either. While borrowing costs have risen for all companies since then, the difference between yields on BBB rated issuers such as Fossil and Hewlett-Packard Co and those on more pristine AAA debt has grown...
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