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Daily News – July 27, 2009

July 27, 2009
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Diamond company De Beers is reporting a revenue tumble of 99%. Moody’s rating service downgraded Barney’s New York:

The downgrades reflect Barneys’ strained financial condition and liquidity stemming from significant declines in revenue and earnings that are consistent with the overall luxury retail segment… Despite the company’s focus on reducing costs and improving free cash flow through inventory and capital spending reductions, the company’s credit metrics remain very weak… The ongoing CEO vacancy also remains a concern in this difficult environment.

Moody’s also upgraded Neiman Markus:

This refinancing along with the company’s healthy cash level gives the company the financial flexibility to weather the current economic downturn

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